POWERBALL CREATES WORLD'S FIRST BILLION-DOLLAR JACKPOT

Jan 10, 2016, 1:32 am (567 comments)

Powerball

Initial estimate is $1.3 billion, but will undoubtedly go higher

By Todd Northrop

Is it even possible to imagine what it would be like to win more than $1 billion?

Millions of people around the nation will get the chance this Wednesday night, when Powerball is set to offer the largest lottery jackpot prize ever awarded in history.

The country came to a standstill Saturday night, as the Powerball lottery drew five numbers plus one Powerball number.  Those numbers were 16, 19, 32, 34, and 57, with Powerball number 13.

Amazingly, not one single ticket sold for Saturday's drawing matched all of the numbers drawn, so the Multi-State Lottery Association (MUSL) has set the initial Powerball jackpot estimate for Wednesday to $1.3 billion.

Yes, that's billion, with a "B".

After the Saturday estimate was raised three times after it's initial estimate of $675 million, finally landing at $949.8 million by draw time, it is a sure-fire bet that Wednesday's jackpot will similarly spark so many ticket sales that MUSL will push up the estimate once or twice — or three times — before Wednesday.

At this point it's almost quaint to think of the previous world record set by Mega Millions in March, 2012, of $656 million.  That jackpot was won by three tickets sold in Illinois, Kansas, and Maryland.

The initial estimate for the lump-sum cash option for Wednesday's Powerball drawing is $806 million.  Again, this easily crushes the previous Mega Millions cash value record of $471 million.

Doubtless, there will be a rush of media pundits clamoring to cite the tiny chance each player has of winning.  There will probably be a thousand different analogies designed to explain how small the chances are.  Maybe this time the odds are actually better of getting struck by lightning while at the same time being eaten by a shark than it is to win the Powerball jackpot.

But no matter how hard they try to convince people to resist the urge to play, the pundits are up against a simple fact: there is enough money at stake to make even the most pessimistic person line up at the lottery ticket counter this week.

If you're not sure where to buy your tickets, or if you're traveling out of state to buy tickets, head right over to the Lottery Places website to download the free app on your phone or Windows 8 or Windows 10 computer. Lottery Places is the only app on the market that will locate lottery retailers in every state and jurisdiction throughout the United States.

Following the Saturday drawing, the Powerball annuity jackpot estimate was raised $350.2 million from its previous amount of $949.8 million. The cash value was raised by $217.1 million from its previous amount of $588.9 million.

When a Powerball ticket is purchased with the Power Play option for an extra $1 per ticket, any non-jackpot prize is increased according to a fixed prize schedule, which can be found on the Powerball Drawing Detail page at USA Mega, as well as on the Powerball Prize Payouts page at Lottery Post.

Lottery players seeking to check the winning numbers Wednesday night are urged to use USA Mega (www.usamega.com). State lottery Web sites are normally brought to a standstill during busy periods, while USA Mega normally remains responsive. That was the case Saturday night, when USA Mega delivered the winning numbers to hundreds of thousands of lottery players immediately following the drawing.

Powerball drawing results will be posted immediately after the 10:59 pm Eastern Time drawing at USA Mega (8:59 pm Pacific Time). The number of winners and new jackpot will be announced after all participating Powerball states have reported their data, which normally occurs within a couple of hours after the drawing.

Players are advised not to wait until the last minute to buy their lottery tickets.  Sales will remain open until around 10:00 pm Eastern Time on Wednesday, although players should check with a lottery retailer in their state for the exact sales cutoff time.

The odds of winning the jackpot are approximately 1 in 292 million. The odds of winning any of the Powerball prizes are approximately 1 in 24.

Powerball features nine different prize levels, ranging from $4 all the way up to the jackpot. Players can win even if they just match one number — the Powerball number.

Powerball is now played in 44 states, plus the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.  Drawings are Wednesdays and Saturdays at 10:59 p.m. Eastern Time.  Tickets cost $2 each.

Powerball lottery results are published within minutes of the drawing at USA Mega (www.usamega.com).  The USA Mega Web site provides lottery players in-depth information about the United States's two biggest multi-state lottery games, Mega Millions and Powerball.

Top 25 United States lottery jackpots of all time

Wednesday's Powerball jackpot currently stands as the largest lottery jackpot of all time worldwide.  The amount of the jackpot may rise even further before the drawing Wednesday night, as lotteries are typically conservative in their initial estimates, and brisk sales will certainly continue to push the jackpot estimate higher by draw time.

  1. Powerball: $1.3 billion, Jan. 13, 2016 - Preliminary estimate, not won yet
  2. Mega Millions: $656 million, Mar. 30, 2012 - Illinois, Kansas, Maryland
  3. Mega Millions: $648 million, Dec. 17, 2013 - California, Georgia
  4. Powerball: $590.5 million, May 18, 2013 - Florida
  5. Powerball: $587.5 million, Nov. 28, 2012 - Arizona, Missouri
  6. Powerball: $564.1 million, Feb. 11, 2015 - North Carolina, Puerto Rico, Texas
  7. Powerball: $448.4 million, Aug. 7, 2013 - Minnesota, New Jersey (2)
  8. Powerball: $425.3 million, Feb. 19, 2014 - California
  9. Mega Millions: $414 million, Mar. 18, 2014 - Florida, Maryland
  10. Powerball: $399.4 million, Sep. 18, 2013 - South Carolina
  11. Mega Millions: $390 million, Mar. 6, 2007 - Georgia, New Jersey
  12. Mega Millions: $380 million, Jan. 4, 2011 - Idaho, Washington
  13. Powerball: $365 million, Feb. 18, 2006 - Nebraska
  14. The Big Game: $363 million, May 9, 2000 - Illinois, Michigan
  15. Powerball: $340 million, Oct. 19, 2005 - Oregon
  16. Powerball: $338.3 million, Mar. 23, 2013 - New Jersey
  17. Powerball: $337 million, Aug. 15, 2012 - Michigan
  18. Powerball: $336.4 million, Feb. 11, 2012 - Rhode Island
  19. Mega Millions: $336 million, Aug. 28, 2009 - California, New York
  20. The Big Game: $331 million, Apr. 16, 2002 - Georgia, Illinois, New Jersey
  21. Mega Millions: $330 million, Aug. 31, 2007 - Maryland, New Jersey, Texas, Virginia
  22. Mega Millions: $326 million, Nov. 4, 2014 - New York
  23. Mega Millions: $319 million, Mar. 25, 2011 - New York
  24. Mega Millions: $315 million, Nov. 15, 2005 - California
  25. Powerball: $314.9 million, Dec. 25, 2002 - West Virginia

For those keeping score, the number of jackpots in the top 25, by lottery game, are:

  • Powerball: 13
  • Mega Millions: 10
  • The Big Game: 2

The Big Game is the original name of Mega Millions, from the game's first drawing on Sep. 6, 1996 through May 14, 2002.  The name was changed to Mega Millions starting with the May 17, 2002 drawing.

Top 25 cash value jackpots

Since many lottery winners collect their winnings in cash, the lump-sum payout is an important measure of what a winning ticket could be worth.

The new Powerball jackpot ranks as the largest lump-sum cash value jackpot in history.

  1. Powerball: $806 million cash, Jan. 13, 2016 ($1.3 billion annuity) - Preliminary estimate, not won yet
  2. Mega Millions: $471 million cash, Mar. 30, 2012 ($656 million annuity) - Illinois, Kansas, Maryland
  3. Powerball: $384.7 million cash, Nov. 28, 2012 ($587.5 million annuity) - Arizona, Missouri
  4. Powerball: $381.1 million cash, Feb. 11, 2015 ($564.1 million annuity) - North Carolina, Puerto Rico, Texas
  5. Powerball: $370.9 million cash, May 18, 2013 ($590.5 million annuity) - Florida
  6. Mega Millions: $347.6 million cash, Dec. 17, 2013 ($648 million annuity) - California, Georgia
  7. Powerball: $258.2 million cash, Aug. 7, 2013 ($448.4 million annuity) - Minnesota, New Jersey (2)
  8. Mega Millions: $240 million cash, Jan. 4, 2011 ($380 million annuity) - Idaho, Washington
  9. Mega Millions: $233.1 million cash, Mar. 6, 2007 ($390 million annuity) - Georgia, New Jersey
  10. Mega Millions: $230.9 million cash, Mar. 18, 2014 ($414 million annuity) - Florida, Maryland
  11. Powerball: $227.8 million cash, Feb. 19, 2014 ($425.3 million annuity) - California
  12. Powerball: $224.7 million cash, Aug. 15, 2012 ($337 million annuity) - Michigan
  13. Powerball: $223.3 million cash, Sep. 18, 2013 ($399.4 million annuity) - South Carolina
  14. Mega Millions: $214 million cash, Aug. 28, 2009 ($336 million annuity) - California, New York
  15. Powerball: $211 million cash, Mar. 23, 2013 ($338.3 million annuity) - New Jersey
  16. Powerball: $210 million cash, Feb. 11, 2012 ($336.4 million annuity) - Rhode Island
  17. Mega Millions: $202.9 million cash, Mar. 25, 2011 ($319 million annuity) - New York
  18. Mega Millions: $197.5 million cash, Nov. 4, 2014 ($326 million annuity) - New York
  19. Powerball: $197.4 million cash, Sep. 30, 2015 ($310.5 million annuity) - Michigan
  20. Mega Millions: $194.4 million cash, Aug. 31, 2007 ($330 million annuity) - Maryland, New Jersey, Texas, Virginia
  21. Mega Millions: $185 million cash, Nov. 15, 2005 ($315 million annuity) - California
  22. The Big Game: $180 million cash, May 9, 2000 ($363 million annuity) - Illinois, Michigan
  23. Mega Millions: $177.3 million cash, Jan. 16, 2015 ($270 million annuity) - Illinois
  24. Powerball: $177.3 million cash, Feb. 18, 2006 ($365 million annuity) - Nebraska
  25. Powerball: $170.5 million cash, Dec. 25, 2002 ($314.9 million annuity) - West Virginia

The number of jackpot cash values in the top 25, by lottery game, are:

  • Powerball: 13
  • Mega Millions: 11
  • The Big Game: 1

Lottery Post Staff

Comments

mightwin's avatarmightwin

Like I said in the other post we have all been wanting this for years..... It's a perfect storm

VenomV12

Now you are really going to see ticket sales explode. Going to be at least $1.5 billion by drawing.

DC81's avatarDC81

I think the only words to describe this would be HOLY CRAP!

It only took odds of 1 in 292M to make it.

LottoMetro's avatarLottoMetro

I had 2 tickets in this draw, any more than that and would have felt foolish.

Well, I will raise the limit to 10 for the next draw. And I am very confident that there will be one or more winners.

Cheers

Deeyar948

What were the odds of being no winner tonight? does anyone know?

mightwin's avatarmightwin

I wonder what they're going to do on the billboards because they only have three digits, for the millions.... Lol

deeharveyd's avatardeeharveyd

Wow...just Wow...Can't believe it.

yellowpig

Quote: Originally posted by Deeyar948 on Jan 10, 2016

What were the odds of being no winner tonight? does anyone know?

about 20%

Deeyar948

Wow so all those sales and not all combinations were covered. Shows you how absurd the odds to win are.

yellowpig

Quote: Originally posted by Deeyar948 on Jan 10, 2016

Wow so all those sales and not all combinations were covered. Shows you how absurd the odds to win are.

yup about $900M in sales as well the next few days will be absolutely insane

Original Bey's avatarOriginal Bey

Party

lulu1feather

Have mercy, that's a lotta money!

Eek

Todd's avatarTodd

LOL, Lottery Post was not built to handle jackpots greater than $1 billion.  It's showing up as $1300 million.  Guess I have some work to do! LOL

Rman313's avatarRman313

EekEekEek Thats a LOT a dough, OMG!!!!

Bilionario's avatarBilionario

SENSATIONAL Eek

BBLL's avatarBBLL

Thanks ToddHurray!

deborahl's avatardeborahl

UNBELIEVABLE! How can that be? Wow! I'm speechless

deeharveyd's avatardeeharveyd

Your doing a great job. I so enjoyed while all the other sites were down I was able to check my numbers on your site.

lulu1feather

Quote: Originally posted by Todd on Jan 10, 2016

LOL, Lottery Post was not built to handle jackpots greater than $1 billion.  It's showing up as $1300 million.  Guess I have some work to do! LOL

I saw that and I thought that was such a fun new way to think about it.. 1300 million.. I kinda like it

alexnt55

Quote: Originally posted by yellowpig on Jan 10, 2016

about 20%

Just curious but how do you figure that about 20% of the combinations were not played. I remember someone on here awhile back explaining something about how to figure it but cant recall the details.

joshuacloak's avatarjoshuacloak

This will be an amazing week of media hype. I look forward to all the crazy stories going up this week. Todd needs to get invited on CNN.

deborahl's avatardeborahl

I can't even imagine a billion dollars!

RedStang's avatarRedStang

If i wasn't hammered I'd run up to the mobil to see what the sign says.

mrcraft's avatarmrcraft

Quote: Originally posted by Todd on Jan 10, 2016

LOL, Lottery Post was not built to handle jackpots greater than $1 billion.  It's showing up as $1300 million.  Guess I have some work to do! LOL

Neither are all the California electronic jackpot advertisement boards, only has three digits...  :)

sirbrad's avatarsirbrad

I figure it would roll, I matched 2 numbers lol. I am just glad it rolled since I lost as everyone would have been very disappointed if it got that close and did not reach a billion or over and now it has! Bring it baby! Lep   Party

yellowpig

Quote: Originally posted by alexnt55 on Jan 10, 2016

Just curious but how do you figure that about 20% of the combinations were not played. I remember someone on here awhile back explaining something about how to figure it but cant recall the details.

so according to the texas lottery spreadsheet about 75% of combos were sold at a jackpot of 914M - extrapolated it a bit for one of 950M


http://www.txlottery.org/export/sites/lottery/Documents/jackpotestimates/pb20160109.pdf

mypiemaster's avatarmypiemaster

Quote: Originally posted by deborahl on Jan 10, 2016

I can't even imagine a billion dollars!

You just did. Now try your best to win some of it. Good luck to you.

ronki

Whoppie  the states R going to make Mo money

Kumo's avatarKumo

Holy moly that is a lot of money!

I cannot believe it, this must be a dream.

yellowpig

Quote: Originally posted by mrcraft on Jan 10, 2016

Neither are all the California electronic jackpot advertisement boards, only has three digits...  :)

texas's website shows 1.30 billion now

Toronto

I wanna be a billionaire so frickin' bad

bsdme

Here come the billion jackpot that everyone waiting for :)

Have fun everyone !!! Party

mypiemaster's avatarmypiemaster

ScaredArrrrrrrrrrrrrrrrrrrrrrrrrrrrr. They finally made history. Now I can sleep soundly BedGood night and good luck to all.

waryman

There are 4 full days before the next drawing.  Expect this to jump up by at least 500 million before then.  This previous drawing went from 675 to 956 million in a 3 day period.  This is gonna be the biggest news story for the next 4 days!!!!

yellowpig

Quote: Originally posted by waryman on Jan 10, 2016

There are 4 full days before the next drawing.  Expect this to jump up by at least 500 million before then.  This previous drawing went from 675 to 956 million in a 3 day period.  This is gonna be the biggest news story for the next 4 days!!!!

think there will probably be about $1.3B in sales which should bring the jackpot to $1.6B for the draw

Groppo's avatarGroppo

Quote: Originally posted by mypiemaster on Jan 10, 2016

ScaredArrrrrrrrrrrrrrrrrrrrrrrrrrrrr. They finally made history. Now I can sleep soundly BedGood night and good luck to all.

Yes, something like that.

Likewise.

Coin Toss's avatarCoin Toss

Quote: Originally posted by Todd on Jan 10, 2016

LOL, Lottery Post was not built to handle jackpots greater than $1 billion.  It's showing up as $1300 million.  Guess I have some work to do! LOL

Yeah Todd, that $1300 million looks a little strange.

There's a passage in the Bible about 'two hundred thousand thousand' (200,000,000), it made me think of that.

Groppo's avatarGroppo

Quote: Originally posted by waryman on Jan 10, 2016

There are 4 full days before the next drawing.  Expect this to jump up by at least 500 million before then.  This previous drawing went from 675 to 956 million in a 3 day period.  This is gonna be the biggest news story for the next 4 days!!!!

I simply can't comprehend the prize.

Will I be expected to wear all white robes and the turban?

LOTTOPLAYER13

So this will make the a sole winner (technically) on the FORBES BILLIONAIRES LIST?

Nikkicute's avatarNikkicute

OH MY GOODNESS!!Thudwow!! It's about to get craazy!!

waryman

HAHABig Smile

VenomV12

Quote: Originally posted by LOTTOPLAYER13 on Jan 10, 2016

So this will make the a sole winner (technically) on the FORBES BILLIONAIRES LIST?

Not even close. Even a billion liquid or in assets or a combination won't get you on the list I believe. 

gocart1's avatargocart1

PartyUS FlagPartyHOLY COW

waryman

Quote: Originally posted by Groppo on Jan 10, 2016

I simply can't comprehend the prize.

Will I be expected to wear all white robes and the turban?

HAHAHALOL

Original Bey's avatarOriginal Bey

7-11s will look like Walmarts on Black Friday

JAMORA's avatarJAMORA

I hope there are many winners...and we hear about how it turned things around for many people!

cjcpop2007

Wow this is truly unbelievable, that is a lot of money. I surely thought that somebody was going to win tonight's drawing. I guess new players are going to come out to play.

benmas's avatarbenmas

this is really stupid because no matter who wins the next jackpot, we now know that same thing can happen again. another long run to a big jackpot that takes peoples money just to make a few millionaires (or one single billionaire)..what is really the purpose of this isht... to make money for the lottery and the states that allow it...median individual income in us is $24,000..median household is $52,000..just dangle a billion dollar carrot jackpot and suckers will buy it at $2 a ticket. there is a sucker born every minute.

joshuacloak's avatarjoshuacloak

Quote: Originally posted by cjcpop2007 on Jan 10, 2016

Wow this is truly unbelievable, that is a lot of money. I surely thought that somebody was going to win tonight's drawing. I guess new players are going to come out to play.

New players will see that 1.3 billion jackpot and be like:

AbsolutelyFun

Quote: Originally posted by benmas on Jan 10, 2016

this is really stupid because no matter who wins the next jackpot, we now know that same thing can happen again. another long run to a big jackpot that takes peoples money just to make a few millionaires (or one single billionaire)..what is really the purpose of this isht... to make money for the lottery and the states that allow it...median individual income in us is $24,000..median household is $52,000..just dangle a billion dollar carrot jackpot and suckers will buy it at $2 a ticket. there is a sucker born every minute.

Dunno about you others but I like being a sucker......Ideally a very, very wealthy sucker.

Piaceri

Thud

SANKORE's avatarSANKORE

cjcpop2007

Quote: Originally posted by joshuacloak on Jan 10, 2016

New players will see that 1.3 billion jackpot and be like:

Lol, yup, this will be the talk of the country for the next week and when people see $1.3 billion dollar jackpot on billboards while driving, talking about it on social media, at work, or wherever, they will want to play for that chance to win.

BBLL's avatarBBLL

One Ticket

One Winner

 

Party

LottoPerro

Awesome stuff. Powerball's at $1.3 Billion! You'll be up there with Bill Gates's net worth if you win this.

VenomV12

Quote: Originally posted by LottoPerro on Jan 10, 2016

Awesome stuff. Powerball's at $1.3 Billion! You'll be up there with Bill Gates's net worth if you win this.

Bill Gates is worth anywhere from $80 billion to $100 billion, you won't be anywhere remotely near him even if you win this. Smile

s5thomps's avatars5thomps

Enough Already! This is getting ridiculous!

sirbrad's avatarsirbrad

Funny also how back when the MM got up to $656 million after they changed it they said Powerball sales slumped, and then they changed PB to make it harder and look at it now lol. Also funny how people disregard "smaller amounts" that are still huge amounts and life changing. But most of society is financially illiterate and have no clue just how much money millions or billions is. Then you get some new players who buys a ticket on a whim and wins it all who is not even prepared at all. The lottery plays no favorites.

lakerben's avatarlakerben

I got the 13,16 57.

 

And 19 in a separate ticket.

 

Worth a few bucks for the next draw.

Ron5995

The seemingly impossible has finally occurred, the $1 Billion annuity jackpot. It's exciting for players and a huge windfall for the participating lotteries...

Hopefully, jurisdictions that heavily rely on lottery proceeds make the best of it, since the bar has been dramatically raised for what will bring players out in droves in the future. Was a time when $10 million was a big deal, then $50 million, then $100 million (PA Super 7 build-up was a huge deal back in the day; 1989), etc. Now it will be to the point that many people won't even bother playing unless the jackpot is at least 1/2 billion ($500 million) plus.

And to think there's a possibility of another rollover. While it's easy to assume this will be a sure sell out, there's only so much money people are willing to wager. Limits on lottery infrastructure; try to buy a million tickets at your local retailer - likely not happening. To cover all combinations will take nearly $600 million in gross sales minimum, though due to dupes, will still leave a decent chunk of combinations open...

Bottom line, a rollover is plausible with $2 billion being advertised for next Saturday. Incredible!

Good luck to all who play. I may sit this one out, or at most play 5 tickets. Not playing seems crazy, but to win the jackpot could be worse. Not a widely shared sentiment, but have to assume there are others who have similar thoughts. On the other hand, the lure of being part of history and dreams of being a billionaire (even if for a brief time before taxes are taken out) is overly compelling.

Kyle7824's avatarKyle7824

Had 1 right :-(

whiteballz's avatarwhiteballz

Here is a chart of the Powerball jackpots since September 2015.

sirbrad's avatarsirbrad

Jackpot be like "n*gga when we rollin', rollin', rollin" Lol.

frank0sport16

Greetings ....

Given this latest development, I'd rather see the annuitized jackpot frozen at $ 900 million and let the excess be spread over the lower prizes. Of course, there are those who would not even dare think of touching that idea.

Even so, how would you feel if the 2nd prize was worth at least say $ 5,000,000. We'll imagine that at draw time its worth is $ 6,840,000. Assume your ticket is not shared with anybody, so you have the choice of a $ 4,240,800 cash option payout -OR- a fixed 30-year annuity that pays $ 228,000 annually. Tax considerations would naturally make choosing the 30-year annuity option the right call.

If you're really smart, not only would you take the 30-year annuity option, but you would be careful not to spend more than half of your approximate after-tax income of $ 139,000 each year. Do that, and by the end of the 30-year period you'll have saved enough to get you by for another 20-30 years.

Yes, it is a nice idea. Pity that few will see it as such.

Oh, BTW -- Now that Powerball has cracked the "Billions and Billions" of Dollars Barrier, where's Dr. Carl Sagan when we really need him?

Thanx-A-Lot, Please Play Responsibly and Best of Luck to all - Frank0Sport16

joshuacloak's avatarjoshuacloak

Quote: Originally posted by sirbrad on Jan 10, 2016

Jackpot be like "n*gga when we rollin', rollin', rollin" Lol.

That's a great song for this jackpot.

 

Keep rollin, rollin, rollin, rollin (What?)
Keep rollin, rollin, rollin, rollin (Come on)
Keep rollin, rollin, rollin, rollin (Yeah)
Keep rollin, rollin, rollin, rollin

Now I know yall be lovin' this [Jackpot] right here

1.3 Billion is right here

Original Bey's avatarOriginal Bey

If an LP member finds him/herself among the winners on Wednesday, please remember how Todd busted his chops to keep us engaged, entertained and informed and make a healthy donation to LP Nation!

OldSchoolPa's avatarOldSchoolPa

Quote: Originally posted by mightwin on Jan 10, 2016

I wonder what they're going to do on the billboards because they only have three digits, for the millions.... Lol

999 or 1BN if programmers can reprogram the boards.

Todd's avatarTodd

After seeing $1.3 Billion show up on LP and USA Mega as $1300 Million, I have gone through and hopefully fixed everything to show "$1.3 Billion".

Please do me a favor and if you see any more "$1300 Million" please send me a PM to let me know.  (I may not see it if you post it in this thread.)

Thanks!

sirbrad's avatarsirbrad

Quote: Originally posted by Todd on Jan 10, 2016

After seeing $1.3 Billion show up on LP and USA Mega as $1300 Million, I have gone through and hopefully fixed everything to show "$1.3 Billion".

Please do me a favor and if you see any more "$1300 Million" please send me a PM to let me know.  (I may not see it if you post it in this thread.)

Thanks!

The Powerball billion dollar roll-over broke Lotterypost lol. LOL

sirbrad's avatarsirbrad

$1.3 Billion that's Michael Jordan money, and more than Tiger Woods which has always been my goal to have more than both. Cheers

sirbrad's avatarsirbrad

What a trillion dollars looks like with double stacked pallets. Wow, I can find room for it don't worry lol. 7 packets wide by 16 packets deep, with each packet being $10,000. 7 x 16 = 112 packets per layer 112 x $10,000 = $1,120,000 per layer. Also shows several other examples of a million, billion, etc. 1 billion is 10 pallets lol. The little guy on the bottom left is an average sized person lol. A trillion dollars is a FARM of money lol. http://www.pagetutor.com/trillion/calculations.html

dallascowboyfan's avatardallascowboyfan

WOW!!!!! Thud

sirbrad's avatarsirbrad

One billion dollars lol. Ten pallets of $100 million dollars, one layer is 7 packets wide by 16 packets deep, with each packet being $10,000. Would need a bank vault sized safe in your house if you wanted to cash it out lol.

 

 

mypiemaster's avatarmypiemaster

Thumbs UpAttaboy to MUSL for this accomplishment. They made a believer out of me. I didn't know they had it in them. There must be fireworks and champagne bursting at HQ all week long. What a milestone. Congratulations to MUSL.  Thumbs Up

joshuacloak's avatarjoshuacloak

Sirbrad, sense you like looking at piles of money. Here you go:

maximumfun's avatarmaximumfun

I got the following as "lottery advice" emailed me today from a friend:

If Wednesday night you find you are holding the winning ticket - (before anyone finds out) - immediately call everyone you know.  Tell them you have an emergency and need to borrow $500.  They will likely all ignore you.  This will come in handy in a few weeks when they find out you won and will do 2 things for you.

  1.  it will make it much harder for them to ask to borrow money from you &
  2.  it will tell you who your real friends are so you can share with those in the 2nd column.
whiteballz's avatarwhiteballz

I'm hoping for one winning ticket and one winner.

sirbrad's avatarsirbrad

Quote: Originally posted by joshuacloak on Jan 10, 2016

That's a great song for this jackpot.

 

Keep rollin, rollin, rollin, rollin (What?)
Keep rollin, rollin, rollin, rollin (Come on)
Keep rollin, rollin, rollin, rollin (Yeah)
Keep rollin, rollin, rollin, rollin

Now I know yall be lovin' this [Jackpot] right here

1.3 Billion is right here

Yeah it is but I was referring to this one lol. 

AbsolutelyFun

Want to take home One Billion dollars cash? The Cash Option sans taxes. (no, not the Annuity)

Well first you need to make the following assumptions:

You must pay 39.6% to the IRS as Federal Tax

You must pay taxes in your individual state if applicable. Lets go with the highest in the country according to LP which is 8.82% so we will calculate by that (thanks New York)

And lastly we will assume the most recent Cash Option percentage which is $806 million divided by the jackpot $1.3 Billion which is 62%.

You would need the jackpot to rollover to $3,126,993,459 and of course be the sole winner.

Your Cash Option would be $1,938,735,945 (the 62%)

and you will pay $767,739,434 in Federal Taxes and (the 39.6%)

assuming you're in New York you will pay the State of New York, $170,996,510 (the 8.82%)

leaving you the nice chunk of change of $1,000,000,000 also known as One Billion Dollars......Crazy mind boggling.

VenomV12

I kind of feel that when the jackpot gets really high, like over $500 million, the second prize should go up also, at least three to five million dollars. 

sirbrad's avatarsirbrad

I would probably drive around blasting this song after I won, which I already do anyway lol. 

 

DELotteryPlyr's avatarDELotteryPlyr

Quote: Originally posted by Todd on Jan 10, 2016

After seeing $1.3 Billion show up on LP and USA Mega as $1300 Million, I have gone through and hopefully fixed everything to show "$1.3 Billion".

Please do me a favor and if you see any more "$1300 Million" please send me a PM to let me know.  (I may not see it if you post it in this thread.)

Thanks!

The 3 states I follow/watch all have 3 different listings for the rollover jackpot!

Maryland has it correct as 1.3 billion.

New York is listing it as 999 million so it can't handle the billion - LOL!!!

Delaware is still showing 900 million, which is about right they are like the red headed stepchild of lottery's 

peppy007

Quote: Originally posted by AbsolutelyFun on Jan 10, 2016

Want to take home One Billion dollars cash? The Cash Option sans taxes. (no, not the Annuity)

Well first you need to make the following assumptions:

You must pay 39.6% to the IRS as Federal Tax

You must pay taxes in your individual state if applicable. Lets go with the highest in the country according to LP which is 8.82% so we will calculate by that (thanks New York)

And lastly we will assume the most recent Cash Option percentage which is $806 million divided by the jackpot $1.3 Billion which is 62%.

You would need the jackpot to rollover to $3,126,993,459 and of course be the sole winner.

Your Cash Option would be $1,938,735,945 (the 62%)

and you will pay $767,739,434 in Federal Taxes and (the 39.6%)

assuming you're in New York you will pay the State of New York, $170,996,510 (the 8.82%)

leaving you the nice chunk of change of $1,000,000,000 also known as One Billion Dollars......Crazy mind boggling.

And if u lived in nyc, the jackpot would have to be even higher as we get taxed locally 3.876%

peppy007

Quote: Originally posted by maximumfun on Jan 10, 2016

I got the following as "lottery advice" emailed me today from a friend:

If Wednesday night you find you are holding the winning ticket - (before anyone finds out) - immediately call everyone you know.  Tell them you have an emergency and need to borrow $500.  They will likely all ignore you.  This will come in handy in a few weeks when they find out you won and will do 2 things for you.

  1.  it will make it much harder for them to ask to borrow money from you &
  2.  it will tell you who your real friends are so you can share with those in the 2nd column.

I love that idea. Will definitely try it should I ever come into money.

joshuacloak's avatarjoshuacloak

DELotteryPlyr, the jackpot is incalculable.

I screenshotted the NY website before they fix it later today so you all can see the magnificence of this jackpot. I enjoyed the "CHECK BACK SOON" sign the most.

majestic1070's avatarmajestic1070

I had 3 numbers and won only $21

sirbrad's avatarsirbrad

Those who matched all 5 and missed the PB be like. PukeLol.

deborahl's avatardeborahl

Do you think if their were one winner that they would be safe? Only everyone in America is after that jackpot. A lot of people are feeling pretty lucky and have ideas of how the jackpot should be spent. I'm sure with all the people spending so much money on the lottery, and walking away with nothing at the end, (but in debt) someone is bound to get angry and set out to take revenge. What do you think?
I pray anyone who is playing especially if they win will keep a level head and except how the luck had come to them or anyone else. I hope it is pleasant for everyone who is involved.
Be sure to get protection not only for you but all the people you love too. Get professional help to be able to handle all the new demands you have not known or thought of until you won. Get all your ducks in a row before you claim your prize.
I'm sure this moment will never end. Your name will instantly become a household name as soon as you are found out. People will always remember you no matter where you go, until you die. The news will keep tabs on you, and give regular updates, at least, whenever they are talking about billionaires. I'm not sure how you prepare for a moment like this but try your best. Get professional help and not from anyone you know. Don't promise anything to anyone yet. Good luck to all and have fun. I do hope it is a pleasant experience for everyone. Keep it safe and enjoyable.

THRIFTY's avatarTHRIFTY

Quote: Originally posted by LottoMetro on Jan 10, 2016

I had 2 tickets in this draw, any more than that and would have felt foolish.

Well, I will raise the limit to 10 for the next draw. And I am very confident that there will be one or more winners.

Cheers

HIGHER LOTTERY JACKPOTS=HIGHER LOTTERY SALES.

 

1-2-3-4-5 + 6 Green laughGreen laughGreen laugh

Raven62's avatarRaven62

Quote: Originally posted by Todd on Jan 10, 2016

LOL, Lottery Post was not built to handle jackpots greater than $1 billion.  It's showing up as $1300 million.  Guess I have some work to do! LOL

Y2K revisited?

En ReVal

It is funny how 28 winners and none matched the PB number.  There were 3 here in Texas, different cities, all quick picks.  So, the game can produce multiple winners but slim chance it will duplicate 28 exact PB numbers.  I had a feeling for the #13, multiplied it and played it again, so I won $20.

En ReVal

Very nice note and I thank you!

rgse90

I think that this has gotten out of control. I believe that this is going to not only ruin someone but make them a target for the rest of their lives by people who are greedy and ignorant and willing to hurt them. The powerball was wrong for doing this and are going to be responsible for hurting people's lives rather than make them better. This is not the way to hold a lottery that is why Europe does it the way they do it. The chance for many people to win and become millionaires rather than one person. It cannot keep going on this way. Where is it going to end. 2, 3 4 billion. 

 

 

 

Sam

Gleno's avatarGleno

01/10/16

The excitement is  still growing!

With all those tickets being sold, find it hard to believe that no one had the winning numbers:

16-19-32-34-57- 13.

Next Drawing  on January 13.

Maybe there will be one, some, or many winners in lottery pools, for  this huge Jackpot.

There were many winners in locations throughout the state of NJ with those lesser but still great prizes, as reported by the Lottery Commission for

the January 6 drawing.

Coffee

Twin1975

Quote: Originally posted by deborahl on Jan 10, 2016

Do you think if their were one winner that they would be safe? Only everyone in America is after that jackpot. A lot of people are feeling pretty lucky and have ideas of how the jackpot should be spent. I'm sure with all the people spending so much money on the lottery, and walking away with nothing at the end, (but in debt) someone is bound to get angry and set out to take revenge. What do you think?
I pray anyone who is playing especially if they win will keep a level head and except how the luck had come to them or anyone else. I hope it is pleasant for everyone who is involved.
Be sure to get protection not only for you but all the people you love too. Get professional help to be able to handle all the new demands you have not known or thought of until you won. Get all your ducks in a row before you claim your prize.
I'm sure this moment will never end. Your name will instantly become a household name as soon as you are found out. People will always remember you no matter where you go, until you die. The news will keep tabs on you, and give regular updates, at least, whenever they are talking about billionaires. I'm not sure how you prepare for a moment like this but try your best. Get professional help and not from anyone you know. Don't promise anything to anyone yet. Good luck to all and have fun. I do hope it is a pleasant experience for everyone. Keep it safe and enjoyable.

AMEN deborahl!!! I totally agree. I pray to God that this remains a safe and pleasurable experience for ALL and that God puts a hedge of protection over the winner and her loved ones.

sirbrad's avatarsirbrad

Yeah with the new levels of greed I can already hear people saying in the future "No I don't play PB unless it is a billion dollars or more, it just a measly $600 million right now." Green laugh

music*'s avatarmusic*

Quote: Originally posted by Twin1975 on Jan 10, 2016

AMEN deborahl!!! I totally agree. I pray to God that this remains a safe and pleasurable experience for ALL and that God puts a hedge of protection over the winner and her loved ones.

I Agree! There will be a lot of prayers this Sunday, today. In churches you may hear,"Please, Please, Please Lord help me get the winning numbers for Wednesday's Power Ball!!!"

 I am concerned about a sole winner. At least, you have to be 18 years old to win it here in the States. Just ask Callie Rogers who lives in the UK how she did when she won two million pounds at the age of 16. Thank God she is married now with children and has turned her life around. 

 Good Luck to all LP Members and God Bless the United States of America. Plus the Virgin Islands and Puerto Rico and Washington D.C.!!!

sirbrad's avatarsirbrad

When has America or anywhere else ever been 100% "safe"? I think for the most part people are just very self-centered and paranoid. Those who have issues are in the minority, you only hear about them because they are extreme cases and that is what makes news. All of those who won big that have had no issues are considered "boring" and not newsworthy. Nothing will stop me from living my dream. You can't let your "perceived fear" of what you "think" might happen stop you. Most who had problems were idiots to begin with, winning the lottery only made it all worse. If needed that kind of money can buy you a lot of security in many ways. After awhile though it will all die down and no one will care anymore. Just like it did with all the others. Most can't even name a past winner except one of the extreme bad cases such as Jack Whitaker. But even the general public does not even know him.

Anyone who is that worried and thinks that they cannot handle it, and that the world will then be after them 24/7 for the rest of their lives should not even bother playing. No one is going to force me to go into hiding. If you can't take the heat stay out of the lottery kitchen and let us who are prepared to live out our dreams play and win it. Or build yourself a "lottery bunker" and hide in it for the rest of your life. Doesn't sound like much fun though. Most of the "bad people" you need to worry about are family and friends, not strangers. Most have enough problems to worry about in their own life than tracking down a lottery winner. You might get a few here and there but again they are in the minority. But if you are like Jack and taking hundreds of thousands of dollars to a strip club then you are only asking for trouble. But the smart ones stay quiet and keep to themselves and have no issues. That is why all those big past winners are no longer in the news. They are "boring" and that is how they like it. Build a gun shop and live in it lol. But I am pretty sure you will get bored after awhile.

Ron5995

Out of control indeed. Personally, I'm leery of playing in this drawing. It's not the amount of money itself that's the issue, but rather the crush of publicity of winning a "world record" jackpot. Seemingly every "friend", family member, etc will come out of the woodwork seeking "help", so-called investment advisers offering their "advice", fending off outright scammers, and dealing with frivolous lawsuits. And then there's security and privacy to contend with.

Personally, Mega Millions is looking to be the better play right now in regards to maintaining normalcy and has slightly better odds too. Winning MM $15 million ($9 million cash) jackpot likely won't even get a mention on the scrolling ticker at the bottom of news channels. Sure, local news media might run a small blurb, but that's about it.

hearsetrax's avatarhearsetrax

sirbrad's avatarsirbrad

I was hoping to be that MM winner for total anonymity lol. No one cares about that measly $165 million winner lol.

jacintasc

I'm shocked. At the rate people were buying tickets I thought there would be multiple winners for last night.

So I guess I finally get a chance to be Oprah's friend after all!

jacintasc

Quote: Originally posted by Ron5995 on Jan 10, 2016

Out of control indeed. Personally, I'm leery of playing in this drawing. It's not the amount of money itself that's the issue, but rather the crush of publicity of winning a "world record" jackpot. Seemingly every "friend", family member, etc will come out of the woodwork seeking "help", so-called investment advisers offering their "advice", fending off outright scammers, and dealing with frivolous lawsuits. And then there's security and privacy to contend with.

Personally, Mega Millions is looking to be the better play right now in regards to maintaining normalcy and has slightly better odds too. Winning MM $15 million ($9 million cash) jackpot likely won't even get a mention on the scrolling ticker at the bottom of news channels. Sure, local news media might run a small blurb, but that's about it.

Actually you are quite right. But its not just people in the USA you have to look out for , It's the total population of planet earth from other countries who will come after you!

Bleudog101

Quote: Originally posted by mightwin on Jan 10, 2016

I wonder what they're going to do on the billboards because they only have three digits, for the millions.... Lol

Not only three digits, but here it is numerical, not like they could put up 1.3B.

AbsolutelyFun

ΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛV

 

WinkPB odds went from 1 in 175,223,510

to 1 in 292,201,338

or 66% higher which is why the jackpot has gone to Pluto.←Patriot

 

ΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛVΛΛV

Bleudog101

Going to California's website with where the winning tickets were sold I see one was from that Primm lotto store.  WTG, probably someone from lottery free (stupid) Nevada.

jacintasc

Quote: Originally posted by Bleudog101 on Jan 10, 2016

Going to California's website with where the winning tickets were sold I see one was from that Primm lotto store.  WTG, probably someone from lottery free (stupid) Nevada.

how much did they win?

AbsolutelyFun

Quote: Originally posted by jacintasc on Jan 10, 2016

how much did they win?

Says $779,264

BFW577's avatarBFW577

584 milllion dollars and you could have bought every possible 1 in 292 million combinations and made a serious profit.

 

Surprised it didn't happen.

Bleudog101

Quote: Originally posted by jacintasc on Jan 10, 2016

how much did they win?

Just over $979K with that awful para-mutuel payout law they have; plus no Powerplay or Megaplier offered.

ThatScaryChick's avatarThatScaryChick

Quote: Originally posted by BFW577 on Jan 10, 2016

584 milllion dollars and you could have bought every possible 1 in 292 million combinations and made a serious profit.

 

Surprised it didn't happen.

It doesn't happen because of a number of reasons. For one, that is a lot of money to spend and yeah you would get your money back but filling out the slips would be too much work and there would never be enough time to print out all those combinations. You only have a few days between each drawing to purchase tickets.

AbsolutelyFun

Quote: Originally posted by BFW577 on Jan 10, 2016

584 milllion dollars and you could have bought every possible 1 in 292 million combinations and made a serious profit.

 

Surprised it didn't happen.

Assuming you have the money, how on earth do you buy every single combination and permutation?  I don't think you can order that from the 7-11 or any other place that sells Powerball tickets, right? 

 

I think it's funny to think that someone would fill out each of those papers where you color it in for your numbers for every combo and perm. That alone would take you forever. 

 

I'm thinking in theory yeah you're right but it's reality that counts.

BFW577's avatarBFW577

Quote: Originally posted by AbsolutelyFun on Jan 10, 2016

Assuming you have the money, how on earth do you buy every single combination and permutation?  I don't think you can order that from the 7-11 or any other place that sells Powerball tickets, right? 

 

I think it's funny to think that someone would fill out each of those papers where you color it in for your numbers for every combo and perm. That alone would take you forever. 

 

I'm thinking in theory yeah you're right but it's reality that counts.

Its happened before. With today's technology it could happen.

 

Group Invests $5 Million To Hedge Bets in Lottery

Published: February 25, 1992

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RICHMOND, Feb. 24— There is a dream common among regular lottery players: to wait until the jackpot reaches an astronomical sum and then to buy every possible number, guaranteeing a winner.

Sure, it would cost millions of dollars. But the payoff would be much richer.

In Virginia this month, one investment group came tantalizingly close to cornering the market on all possible combinations of six numbers from 1 to 44. State lottery officials say that the group bought tickets for 5 million of a possible 7 million combinations, at $1 each, in a lottery with a $27 million jackpot. Only a lack of time prevented the group from buying tickets for the remaining 2 million combinations.

 

http://www.nytimes.com/1992/02/25/us/group-invests-5-million-to-hedge-bets-in-lottery.html?pagewanted=all

ThatScaryChick's avatarThatScaryChick

Quote: Originally posted by BFW577 on Jan 10, 2016

Its happened before. With today's technology it could happen.

 

Group Invests $5 Million To Hedge Bets in Lottery

Published: February 25, 1992

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RICHMOND, Feb. 24— There is a dream common among regular lottery players: to wait until the jackpot reaches an astronomical sum and then to buy every possible number, guaranteeing a winner.

Sure, it would cost millions of dollars. But the payoff would be much richer.

In Virginia this month, one investment group came tantalizingly close to cornering the market on all possible combinations of six numbers from 1 to 44. State lottery officials say that the group bought tickets for 5 million of a possible 7 million combinations, at $1 each, in a lottery with a $27 million jackpot. Only a lack of time prevented the group from buying tickets for the remaining 2 million combinations.

 

http://www.nytimes.com/1992/02/25/us/group-invests-5-million-to-hedge-bets-in-lottery.html?pagewanted=all

Yes, but they didn't even have the time to print out the whole 7 million tickets. Powerball has 292.2 million possible combinations. That's a big difference.

"Only a lack of time prevented the group from buying tickets for the remaining 2 million combinations."

sirbrad's avatarsirbrad

Quote: Originally posted by BFW577 on Jan 10, 2016

584 milllion dollars and you could have bought every possible 1 in 292 million combinations and made a serious profit.

 

Surprised it didn't happen.

Anyone who has that kind of money would not spend that much on the lottery, they would be an idiot if they did. They would be rich already and not have to. Also hindsight is 20/20 how do they know there will not be multiple winners? If there was they would lose a lot of money. It is easy to say AFTER the drawing took place and there were no winners. I highly doubt anyone with that kind of money would blow it all on the PB hoping to be the sole winner as if you had that much money you would not need to. It would be very stupid to risk that kind of money. That is why you don't see billionaires doing it. Low income people are the people who play most. Also do you have any idea how long it would take to print out that many tickets for one person? A LOOOOONG time. Not to mention filling out all those tickets, you better have A LOT of elves working 24 hours a day between drawings and I doubt you would ever get them all played.

It would also look pretty silly at the store and you would need a bunch of boxes and a big truck to carry all those tickets, and angry people waiting in line being like WTF....I waited on an old lady playing a few hundred tickets and seemed like it took an eternity, imagine 292 million tickets. Not to mention how long it would take to look at 292 million tickets then. Are you REALLY that surprised it didn't happen??

MercifulLove

That is a lot of money. But question, why do all the news outlets keep saying whoever wins will win a billion or so dollars when they're really not? I mean I could see if this was another country where lottery winnings aren't taxed, but here in the good ol US they take almost half. Does anyone know how much the approx take home really would be based on where the cash option is now?

AbsolutelyFun

Quote: Originally posted by BFW577 on Jan 10, 2016

Its happened before. With today's technology it could happen.

 

Group Invests $5 Million To Hedge Bets in Lottery

Published: February 25, 1992

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  • Share
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RICHMOND, Feb. 24— There is a dream common among regular lottery players: to wait until the jackpot reaches an astronomical sum and then to buy every possible number, guaranteeing a winner.

Sure, it would cost millions of dollars. But the payoff would be much richer.

In Virginia this month, one investment group came tantalizingly close to cornering the market on all possible combinations of six numbers from 1 to 44. State lottery officials say that the group bought tickets for 5 million of a possible 7 million combinations, at $1 each, in a lottery with a $27 million jackpot. Only a lack of time prevented the group from buying tickets for the remaining 2 million combinations.

 

http://www.nytimes.com/1992/02/25/us/group-invests-5-million-to-hedge-bets-in-lottery.html?pagewanted=all

The key phrase is "could happen" but it didn't as the odds worked against them although they definitely had a good chance.  I just wonder how the heck on earth do you fill out all those lottery entry forms.?  Then the clerk has to scan the lottery entry into the machine then issue you your ticket then repeat process over and over and over and over and over until time runs out. The first thing would be to play a game where they only do the drawing once a week so that gives you a solid week to fill out your lottery entries.  But then you would need a store that sells the particular lottery game's tickets 24 hours a day.  I recall buying Powerball tickets in Arizona and they only sold them only during certain hours of the day though things may have changed since then.  I guess you could fill out all those lottery entries using a machine but I thought that is not allowed under lottery rules?  I thought that was illegal but I could be wrong.  Assuming you could fill out the lottery entries using a machine then yeah I think you could fill out all of the millions of entries. By hand, I don't see that happening but then again if you have enough people and a week then maybe. Let's not forget having the millions of dollars to play in the first place.

sirbrad's avatarsirbrad

Quote: Originally posted by MercifulLove on Jan 10, 2016

That is a lot of money. But question, why do all the news outlets keep saying whoever wins will win a billion or so dollars when they're really not? I mean I could see if this was another country where lottery winnings aren't taxed, but here in the good ol US they take almost half. Does anyone know how much the approx take home really would be based on where the cash option is now?

It is almost a billion for the annuity after taxes. Every state has different taxes and some states don't tax the lottery such as mine which is PA and $975,000,002 AFTER taxes. They advertise the amount before taxes because that is the amount they pay before taxes come in and take their cut.

sirbrad's avatarsirbrad

Quote: Originally posted by AbsolutelyFun on Jan 10, 2016

The key phrase is "could happen" but it didn't as the odds worked against them although they definitely had a good chance.  I just wonder how the heck on earth do you fill out all those lottery entry forms.?  Then the clerk has to scan the lottery entry into the machine then issue you your ticket then repeat process over and over and over and over and over until time runs out. The first thing would be to play a game where they only do the drawing once a week so that gives you a solid week to fill out your lottery entries.  But then you would need a store that sells the particular lottery game's tickets 24 hours a day.  I recall buying Powerball tickets in Arizona and they only sold them only during certain hours of the day though things may have changed since then.  I guess you could fill out all those lottery entries using a machine but I thought that is not allowed under lottery rules?  I thought that was illegal but I could be wrong.  Assuming you could fill out the lottery entries using a machine then yeah I think you could fill out all of the millions of entries. By hand, I don't see that happening but then again if you have enough people and a week then maybe. Let's not forget having the millions of dollars to play in the first place.

Yeah, and a lot of times the machine will not take the slip and spits it back out. Sometimes one slip can take 5 minutes. Can you imagine one clerk doing that all day with millions of bet slips? What about when the store closes, you would have to come back every day all day and you probably still would not make it. The thought of doing it is ludicrous on so many levels lol. Imagine your eyes after checking 292 million tickets lol. You would be seeing numbers in your head for months.

sully16's avatarsully16

My sister in law is a bank teller, many cash advances on Friday....now what will these people do?

Bleudog101

Quote: Originally posted by MercifulLove on Jan 10, 2016

That is a lot of money. But question, why do all the news outlets keep saying whoever wins will win a billion or so dollars when they're really not? I mean I could see if this was another country where lottery winnings aren't taxed, but here in the good ol US they take almost half. Does anyone know how much the approx take home really would be based on where the cash option is now?

Lottery guru says go to usamega.com and follow to Powerball or Mega Millions and it has the tax breakdowns for the different states.

Ron5995

Around $500 million, after taking cash option and Federal tax, in Pennsylvania and other states / jurisdictions that don't also tax lottery winnings.

However, most states do tax winnings, such as New York, plus additional local taxes too for those in New York City. So the final amount can vary much as 20% depending on where one resides.

ThatScaryChick's avatarThatScaryChick

Quote: Originally posted by sully16 on Jan 10, 2016

My sister in law is a bank teller, many cash advances on Friday....now what will these people do?

Try to get another cash advance for the next drawing?  Crazy

I only plan on buying 5 lines and calling it a day.

MaximumMillions

I, too, went to bed before the drawing to keep dreaming. I was seriously thinking it would have been won. oh well chubby Hawaiian man, you can still do it! LOL

I just hope thelotter goes online again some point i the next 3 days.

Otherwise I'll be here asking for someone to buy and send me a ticket, preferably from an anon state, reimbursed through PayPal and good Karma.Green laugh

sully16's avatarsully16

Quote: Originally posted by ThatScaryChick on Jan 10, 2016

Try to get another cash advance for the next drawing?  Crazy

I only plan on buying 5 lines and calling it a day.

I had 20, but that cut into my 3 digit money....if I hit on the 3 digit I'll do the same.

sirbrad's avatarsirbrad

It would take many days if not weeks to fill out that many bet slips, maybe months unless you had a lot of people doing it. Then it would take days to play them all even with a huge team playing them all over. Then you will have to split it with all those people unless they like working like fools for practically nothing to help you win a billion dollars which I doubt they would. So in the end it is just not worth. You would need like $60 million bet slips to play 5 rows lol. Good luck with that. Then if there are 5 winners you are REALLY screwed. If I had $600 millions or more already I would not even be thinking about spending that on the PB except maybe a few hundred dollars.

Ron5995

Quote: Originally posted by Bleudog101 on Jan 10, 2016

Lottery guru says go to usamega.com and follow to Powerball or Mega Millions and it has the tax breakdowns for the different states.

It shows the approx payout at time of winning, but doesn't take into account the additional 14%+ a winner will likely owe the IRS. Lottery winnings is generally taxed as income. Currently, the highest tax bracket is 39.6%, which is what a jackpot winner would near certainly need to pay unless they utilize various accounting maneuvers that may reduce that.

Yes, at the bottom of that page, this is explained, but not shown in the numbers, which is unfortunate leading one to believe the tax burden is far less than it really is. For example, in PA, the actual tax burden could be upwards of $100 million more leaving the winner, not with $600+ million, but rather a tad under $500 million when all is done.

sirbrad's avatarsirbrad

$500 million or a billion is all the same to me I could care less. I would never spend it all anyway, and I could make most of it back with interest if I wanted to. However we are talking annuity value which pays around a billion over 30 years not the cash option. You could take the annuity and not have to worry about investing all that cash or where you are going to put it all, and you will have huge checks every year. I would be set after one year for life, the rest would be all gravy. Look at those numbers. Crazy! Or you could risk taking it all and investing. Also the jackpot is usually more than the amount shown once won.

 

State:

Pennsylvania

Drawing Date:  Wed, Jan 13, 2016
Jackpot: $1,300,000,000
Federal Tax:  25%
State Tax: No state tax on lottery prizes
Report: Powerball annuity payout schedule (30 annual payments)

 

Year Gross Payment Federal Taxes State Taxes Net Payment
1 $19,566,866 $4,891,716 $0 $14,675,149
2 $20,545,209 $5,136,302 $0 $15,408,907
3 $21,572,469 $5,393,117 $0 $16,179,352
4 $22,651,093 $5,662,773 $0 $16,988,320
5 $23,783,647 $5,945,912 $0 $17,837,735
6 $24,972,830 $6,243,207 $0 $18,729,622
7 $26,221,472 $6,555,368 $0 $19,666,104
8 $27,532,545 $6,883,136 $0 $20,649,409
9 $28,909,173 $7,227,293 $0 $21,681,879
10 $30,354,631 $7,588,658 $0 $22,765,973
11 $31,872,363 $7,968,091 $0 $23,904,272
12 $33,465,981 $8,366,495 $0 $25,099,485
13 $35,139,280 $8,784,820 $0 $26,354,460
14 $36,896,244 $9,224,061 $0 $27,672,183
15 $38,741,056 $9,685,264 $0 $29,055,792
16 $40,678,109 $10,169,527 $0 $30,508,582
17 $42,712,014 $10,678,003 $0 $32,034,010
18 $44,847,615 $11,211,904 $0 $33,635,711
19 $47,089,995 $11,772,499 $0 $35,317,496
20 $49,444,495 $12,361,124 $0 $37,083,371
21 $51,916,719 $12,979,180 $0 $38,937,540
22 $54,512,556 $13,628,139 $0 $40,884,417
23 $57,238,184 $14,309,546 $0 $42,928,638
24 $60,100,092 $15,025,023 $0 $45,075,069
25 $63,105,097 $15,776,274 $0 $47,328,822
26 $66,260,353 $16,565,088 $0 $49,695,264
27 $69,573,370 $17,393,343 $0 $52,180,028
28 $73,052,038 $18,263,009 $0 $54,789,028
29 $76,704,640 $19,176,160 $0 $57,528,480
30 $80,539,872 $20,134,968 $0 $60,404,904
Total $1,300,000,003 $325,000,001 $0 $975,000,002
poor person

something stinks

 

 did anyone see the ball picker for powerball ?  iT comes up from below   the ball doesn't get knocked off by other balls hitting it which tells me it is on a vacuum then The vacuum stick disappears below the bouncing balls (completely out of site)  with the money they have at there disposal how hard would it be to pull a magic trick.  not hard at all and they made it obvious.  to add insult to injury it is computer based what this means it gets the numbers first from quick picks, aunt patty's birthday numbers etc. Then with this obvious cheat machine can get the jack pot high to sucker in me:-( the saddest part is it can make sure in a nano second only one winner wins if it likes or the puppet master likes. a computer is a god among men! ran by a man.

but ya I am playing! the only chance for humanity

deborahl's avatardeborahl

Quote: Originally posted by sirbrad on Jan 10, 2016

When has America or anywhere else ever been 100% "safe"? I think for the most part people are just very self-centered and paranoid. Those who have issues are in the minority, you only hear about them because they are extreme cases and that is what makes news. All of those who won big that have had no issues are considered "boring" and not newsworthy. Nothing will stop me from living my dream. You can't let your "perceived fear" of what you "think" might happen stop you. Most who had problems were idiots to begin with, winning the lottery only made it all worse. If needed that kind of money can buy you a lot of security in many ways. After awhile though it will all die down and no one will care anymore. Just like it did with all the others. Most can't even name a past winner except one of the extreme bad cases such as Jack Whitaker. But even the general public does not even know him.

Anyone who is that worried and thinks that they cannot handle it, and that the world will then be after them 24/7 for the rest of their lives should not even bother playing. No one is going to force me to go into hiding. If you can't take the heat stay out of the lottery kitchen and let us who are prepared to live out our dreams play and win it. Or build yourself a "lottery bunker" and hide in it for the rest of your life. Doesn't sound like much fun though. Most of the "bad people" you need to worry about are family and friends, not strangers. Most have enough problems to worry about in their own life than tracking down a lottery winner. You might get a few here and there but again they are in the minority. But if you are like Jack and taking hundreds of thousands of dollars to a strip club then you are only asking for trouble. But the smart ones stay quiet and keep to themselves and have no issues. That is why all those big past winners are no longer in the news. They are "boring" and that is how they like it. Build a gun shop and live in it lol. But I am pretty sure you will get bored after awhile.

When has America or anywhere else ever been 100% "safe"? I think for the most part people are just very self-centered and paranoid. Those who have issues are in the minority, you only hear about them because they are extreme cases and that is what makes news. All of those who won big that have had no issues are considered "boring" and not newsworthy. Nothing will stop me from living my dream. You can't let your "perceived fear" of what you "think" might happen stop you....Anyone who is that worried and thinks that they cannot handle it, and that the world will then be after them 24/7 for the rest of their lives should not even bother playing. No one is going to force me to go into hiding. If you can't take the heat stay out of the lottery kitchen and let us who are prepared to live out our dreams play and win it. Or build yourself a "lottery bunker" and hide in it for the rest of your life. Doesn't sound like much fun though.
I may be wrong but are you saying that people shouldn't play just because they don't understand something?
My statement wasn't because I'm afraid. It is because some people don't comprehend the seriousness of the situation and will carelessly run around without thought of evil minds around them, be that family, friends, workers, or strangers. People have killed for a lot less. If your not aware then you cannot see the importance of protecting yourself. I mention it so hopefully a winner (maybe even a friend or family member) will come to this site and read this and think of something they may have not have thought of before. Perhaps it may make them a little more cautious. It may save a life or even change a life.
Are you one that would just go spend money carelessly, not aware of how desperate some people get especially if they precieve something bad has happened to them, and then they think it is because of you, "the lottery winner?"
Beware! Sometimes no matter how many warnings a person is given, they still don't realize or prepare for the dangers that are around them. Heck sometimes people just completely deny the issues or ignore them until it is painfully in their face. Some people feel as though they are invincible even though in reality they are less invincible because they missed a tiny (or major) detail.
Hey I say, spread the word! Help educate everyone who might not think things all the way through. After all your best thinking misinterpreted my message and you thought you were so right. Is it so far fetched to think someone might be so wildly excited about winning the lottery that they can't think straight enough to stay safe and even extend that safety to family and friends before it is too late?

AbsolutelyFun

Quote: Originally posted by MercifulLove on Jan 10, 2016

That is a lot of money. But question, why do all the news outlets keep saying whoever wins will win a billion or so dollars when they're really not? I mean I could see if this was another country where lottery winnings aren't taxed, but here in the good ol US they take almost half. Does anyone know how much the approx take home really would be based on where the cash option is now?

You want to know the approximate amount you will take home based on the Cash Option now (just want to make sure we're on the same page)

 

First of all, you don't know if you are going to be the ONLY winner. With large jackpots (and sometimes but rarely smaller jackpots) there are multiple winners.  A good example would be Marie Holmes who was one of three winners of a jackpot over $500 million.

 

Next, you haven't provided enough information to get an the approximate amount you asked for.  Do you live in a state that has no lottery tax?  Some states tax you on your lottery winnings and others don't.  It varies from Zero to a state like New York where it's 8.82% (that's getting close to 10% of your Cash Option) Look at the left side of this webpage.  Look for USA MEGA, click on that then look at the bottom left under Powerball and click on Jackpot Analysis then scroll down to see what your tax rate is for your state.

 

Next you gotta pay Uncle Sam his due. 39.6% is his take. That's 39.6% of your Cash Option. Yeah it can be reduced somewhat but that all depends on whether you get help from your CPA who knows what you can and cannot do to reduce that amount. The lottery will automatically take out 25% BEFORE they transfer your money to your bank. You are responsible to pay Uncle Sam the remaining taxes due.  When you go to USA MEGA and look at the Jackpot Analysis for the Wednesday's drawing you will see that they figure out how much you will get based on taking out the 25%. Therefore that number you will get is incorrect.  You will end up with less.

 

The current Cash Option is $806 Million.  Assuming you are the only one who wins, do the math and you will see that you will walk with roughly half of that assuming you are the sole winner.  Makes sense because if you add 39.6 plus 8.82 you get almost 50%.  If you live in a state with no taxes then good for you!   $806M less 39.6% is $486.82M  For example: $806M times 8.82% is substantial, just over $71 million that goes to New York State. Use a spreadsheet program if you want to mess around with the numbers and do "What If" scenarios. 

Ron5995

Federal tax rate isn't 25%, but rather much as 39.6%. Depending on what account maneuvers the winner is able to take, the actual amount could be low as $800 million or so. Still a bundle of money, but $800 million paid over 30 years isn't overly compelling when compared to $500 million after tax lump-sum.

The main advantage of an annuity is reducing tax liability, but when the numbers are as large as those you posted, it makes no meaningful difference. Many feel it's best to take all the cash now than hoping inflation stays under control and tax rates don't change. And it's not just Federal rates one has to be concerned about, but also state and local taxes, which can change / be added. For example, for a brief time, New Hampshire enacted a 10% surtax on lottery winnings, which also applied to past winnings being paid out in annuities.

In short, the reward verses risk isn't worth it these days for annuity, and is why most large jackpot winners opt for the cash option straight away.

sookie's avatarsookie

I had an email at 4am from my mom saying I want a Powerball with you. Aww :).  So I'll be buying some with her. I think everyone knows I play every week

AbsolutelyFun

Quote: Originally posted by sirbrad on Jan 10, 2016

$500 million or a billion is all the same to me I could care less. I would never spend it all anyway, and I could make most of it back with interest if I wanted to. However we are talking annuity value which pays around a billion over 30 years not the cash option. You could take the annuity and not have to worry about investing all that cash or where you are going to put it all, and you will have huge checks every year. I would be set after one year for life, the rest would be all gravy. Look at those numbers. Crazy! Or you could risk taking it all and investing. Also the jackpot is usually more than the amount shown once won.

 

State:

Pennsylvania

Drawing Date:  Wed, Jan 13, 2016
Jackpot: $1,300,000,000
Federal Tax:  25%
State Tax: No state tax on lottery prizes
Report: Powerball annuity payout schedule (30 annual payments)

 

Year Gross Payment Federal Taxes State Taxes Net Payment
1 $19,566,866 $4,891,716 $0 $14,675,149
2 $20,545,209 $5,136,302 $0 $15,408,907
3 $21,572,469 $5,393,117 $0 $16,179,352
4 $22,651,093 $5,662,773 $0 $16,988,320
5 $23,783,647 $5,945,912 $0 $17,837,735
6 $24,972,830 $6,243,207 $0 $18,729,622
7 $26,221,472 $6,555,368 $0 $19,666,104
8 $27,532,545 $6,883,136 $0 $20,649,409
9 $28,909,173 $7,227,293 $0 $21,681,879
10 $30,354,631 $7,588,658 $0 $22,765,973
11 $31,872,363 $7,968,091 $0 $23,904,272
12 $33,465,981 $8,366,495 $0 $25,099,485
13 $35,139,280 $8,784,820 $0 $26,354,460
14 $36,896,244 $9,224,061 $0 $27,672,183
15 $38,741,056 $9,685,264 $0 $29,055,792
16 $40,678,109 $10,169,527 $0 $30,508,582
17 $42,712,014 $10,678,003 $0 $32,034,010
18 $44,847,615 $11,211,904 $0 $33,635,711
19 $47,089,995 $11,772,499 $0 $35,317,496
20 $49,444,495 $12,361,124 $0 $37,083,371
21 $51,916,719 $12,979,180 $0 $38,937,540
22 $54,512,556 $13,628,139 $0 $40,884,417
23 $57,238,184 $14,309,546 $0 $42,928,638
24 $60,100,092 $15,025,023 $0 $45,075,069
25 $63,105,097 $15,776,274 $0 $47,328,822
26 $66,260,353 $16,565,088 $0 $49,695,264
27 $69,573,370 $17,393,343 $0 $52,180,028
28 $73,052,038 $18,263,009 $0 $54,789,028
29 $76,704,640 $19,176,160 $0 $57,528,480
30 $80,539,872 $20,134,968 $0 $60,404,904
Total $1,300,000,003 $325,000,001 $0 $975,000,002

When will people learn that the Federal Tax is NOT 25% when you're dealing with these large amounts.  sirbrad you gotta give Uncle Sam 39.6% but you could get that reduced somewhat assuming a number of things that your CPA (which you will easily be able to afford and you will most certainly need) can probably save you some percentage points but every person's situation varies.  So you may want to change your matrix of payouts to 39.6% rather than 25% because you will NOT receive 14.6% of what you think you will.  With huge numbers like that 14.6% becomes pretty significant.

AbsolutelyFun

Quote: Originally posted by Ron5995 on Jan 10, 2016

Federal tax rate isn't 25%, but rather much as 39.6%. Depending on what account maneuvers the winner is able to take, the actual amount could be low as $800 million or so. Still a bundle of money, but $800 million paid over 30 years isn't overly compelling when compared to $500 million after tax lump-sum.

The main advantage of an annuity is reducing tax liability, but when the numbers are as large as those you posted, it makes no meaningful difference. Many feel it's best to take all the cash now than hoping inflation stays under control and tax rates don't change. And it's not just Federal rates one has to be concerned about, but also state and local taxes, which can change / be added. For example, for a brief time, New Hampshire enacted a 10% surtax on lottery winnings, which also applied to past winnings being paid out in annuities.

In short, the reward verses risk isn't worth it these days for annuity, and is why most large jackpot winners opt for the cash option straight away.

Yes Ron5995, you are right on the money!  Thanks for pointing that out to those out there who are assuming incorrectly.  I'd hate to see someone win and then end up regretting making the wrong choice.

Guru101's avatarGuru101

Looks I'm looking at $459,420,000 after taxes on Wednesday!Big Grin

sirbrad's avatarsirbrad

Quote: Originally posted by deborahl on Jan 10, 2016

When has America or anywhere else ever been 100% "safe"? I think for the most part people are just very self-centered and paranoid. Those who have issues are in the minority, you only hear about them because they are extreme cases and that is what makes news. All of those who won big that have had no issues are considered "boring" and not newsworthy. Nothing will stop me from living my dream. You can't let your "perceived fear" of what you "think" might happen stop you....Anyone who is that worried and thinks that they cannot handle it, and that the world will then be after them 24/7 for the rest of their lives should not even bother playing. No one is going to force me to go into hiding. If you can't take the heat stay out of the lottery kitchen and let us who are prepared to live out our dreams play and win it. Or build yourself a "lottery bunker" and hide in it for the rest of your life. Doesn't sound like much fun though.
I may be wrong but are you saying that people shouldn't play just because they don't understand something?
My statement wasn't because I'm afraid. It is because some people don't comprehend the seriousness of the situation and will carelessly run around without thought of evil minds around them, be that family, friends, workers, or strangers. People have killed for a lot less. If your not aware then you cannot see the importance of protecting yourself. I mention it so hopefully a winner (maybe even a friend or family member) will come to this site and read this and think of something they may have not have thought of before. Perhaps it may make them a little more cautious. It may save a life or even change a life.
Are you one that would just go spend money carelessly, not aware of how desperate some people get especially if they precieve something bad has happened to them, and then they think it is because of you, "the lottery winner?"
Beware! Sometimes no matter how many warnings a person is given, they still don't realize or prepare for the dangers that are around them. Heck sometimes people just completely deny the issues or ignore them until it is painfully in their face. Some people feel as though they are invincible even though in reality they are less invincible because they missed a tiny (or major) detail.
Hey I say, spread the word! Help educate everyone who might not think things all the way through. After all your best thinking misinterpreted my message and you thought you were so right. Is it so far fetched to think someone might be so wildly excited about winning the lottery that they can't think straight enough to stay safe and even extend that safety to family and friends before it is too late?

I am saying I have been well prepared for a long time, and even for those not well prepared the odds are slim that someone is going to come after them. There are far more successful stories and non-issues than there are destructive ones, the media only glorifies the bad ones. Most of those had problems long before the lottery. I also have never heard of anyone coming after a lottery winner from another country. The reality is that people on here think and worry about all stuff more than average people out there do. This site is hardcore lottery players, most are casual players. The people on here seen it all and focus on the bad stories when most people out there are not even aware of any of it. They move on with their lives and forget about it after a week. It is good to be prepared but it is stupid to become obsessed and over-paranoid and let it ruin your life. As I said you may as well not even play then if you are worried that every bad person will come out of the woodwork after you. Unless you are complete idiot who flaunts it every where they go chances are you will be fine. The world is not going to stop and hunt you down because you won the lottery. Not most of the time anyway if you are at least somewhat intelligent and know how to handle it.

sirbrad's avatarsirbrad

Quote: Originally posted by AbsolutelyFun on Jan 10, 2016

You want to know the approximate amount you will take home based on the Cash Option now (just want to make sure we're on the same page)

 

First of all, you don't know if you are going to be the ONLY winner. With large jackpots (and sometimes but rarely smaller jackpots) there are multiple winners.  A good example would be Marie Holmes who was one of three winners of a jackpot over $500 million.

 

Next, you haven't provided enough information to get an the approximate amount you asked for.  Do you live in a state that has no lottery tax?  Some states tax you on your lottery winnings and others don't.  It varies from Zero to a state like New York where it's 8.82% (that's getting close to 10% of your Cash Option) Look at the left side of this webpage.  Look for USA MEGA, click on that then look at the bottom left under Powerball and click on Jackpot Analysis then scroll down to see what your tax rate is for your state.

 

Next you gotta pay Uncle Sam his due. 39.6% is his take. That's 39.6% of your Cash Option. Yeah it can be reduced somewhat but that all depends on whether you get help from your CPA who knows what you can and cannot do to reduce that amount. The lottery will automatically take out 25% BEFORE they transfer your money to your bank. You are responsible to pay Uncle Sam the remaining taxes due.  When you go to USA MEGA and look at the Jackpot Analysis for the Wednesday's drawing you will see that they figure out how much you will get based on taking out the 25%. Therefore that number you will get is incorrect.  You will end up with less.

 

The current Cash Option is $806 Million.  Assuming you are the only one who wins, do the math and you will see that you will walk with roughly half of that assuming you are the sole winner.  Makes sense because if you add 39.6 plus 8.82 you get almost 50%.  If you live in a state with no taxes then good for you!   $806M less 39.6% is $486.82M  For example: $806M times 8.82% is substantial, just over $71 million that goes to New York State. Use a spreadsheet program if you want to mess around with the numbers and do "What If" scenarios. 

Uncle Sam is the biggest crook in history, every time someone wins and beats the odds he steals 36% and didn't even have to pay a dime to play. I would love to see his bank account balance. I am guessing a few warehouses of double stacked pallets like this? (Trillion dollars) LOL

 

Erzulieredeyes's avatarErzulieredeyes

Quote: Originally posted by VenomV12 on Jan 10, 2016

Now you are really going to see ticket sales explode. Going to be at least $1.5 billion by drawing.

Wouldn't be surprised if it reaches 2 billion by Wednesday. I'm ready for this hit already, lost all $60 no return at all...lol Now I'm only playing $20 unless it gets over $1.8 or 2 B then I'll fork down $100

AbsolutelyFun

Quote: Originally posted by sirbrad on Jan 10, 2016

Uncle Sam is the biggest crook in history, every time someone wins and beats the odds he steals 36% and didn't even have to pay a dime to play. I would love to see his bank account balance. I am guessing a few warehouses of double stacked pallets like this? (Trillion dollars) LOL

 

That is the beauty of living in the USA, you have to put up with Uncle Sam!  For the most part living anywhere else is unthinkable. Do you have any idea how many people would give their left arm to live here? So many people want to live in the USA it's not even funny. Why? Because we have the lottery of course.....but really it's because our country is a free country compared to the crappy countries some people live in.  I have spoken to many people from all around the world and a lot of them would prefer to live here granted there are a lot of Europeans who think their country is the best in the world and it is if you don't mind the cold weather.  Yeah the Europeans have some things going for them and in fact I was reading that London is supposedly the number one country to live in.  Yeah that's way too cold for me. I like where I am and I like that although we get killed on taxes to some degree we still live in one of the greatest countries on the planet if not the best country.  When I compare the good to the bad the good far outweighs the bad. So hey every one is entitled to their opinion but if you feel that Uncle Sam is a crook that's cool with me. By the way, you gonna need a number of bank safes for all that money.

mamamary517's avatarmamamary517

Thanks Todd for being there for us last night,  Lottery Post was the only site I was able to log onto to get the PB numbers.  I will have to try again though for Wednesdays drawing.  May the lucky winner be me or a family member!

BuyLow's avatarBuyLow

HOLY SH$T!!!!!!!!

jjtheprince

Everyone is cursed with "can't win"! LOL

MADDOG10's avatarMADDOG10

Quote: Originally posted by Todd on Jan 10, 2016

LOL, Lottery Post was not built to handle jackpots greater than $1 billion.  It's showing up as $1300 million.  Guess I have some work to do! LOL

Oh MY, Heh,heh,heh.

GiveFive's avatarGiveFive

Yesterday someone told me that 65% of all the 292 million possible combinations had been sold. (I've no idea if that's accurate or not)

If it's true, that says that 35% of them were unsold.  Therefore last nites's combo came from the 35% of combinations that were not sold. 

Two things come to my mind;  Can they/will they sell more than 65% of the possible combo's for next Wednesday nights drawing, and with a 65% chance of a combo that was sold being drawn, I doubt the jackpot will not be won next Wednesday.  G5

C0w Pi3

Hopefully someone who wins this and if there is a sole winner is in a state that they can stay anonymous.

NoCompLotto!

Quote: Originally posted by poor person on Jan 10, 2016

something stinks

 

 did anyone see the ball picker for powerball ?  iT comes up from below   the ball doesn't get knocked off by other balls hitting it which tells me it is on a vacuum then The vacuum stick disappears below the bouncing balls (completely out of site)  with the money they have at there disposal how hard would it be to pull a magic trick.  not hard at all and they made it obvious.  to add insult to injury it is computer based what this means it gets the numbers first from quick picks, aunt patty's birthday numbers etc. Then with this obvious cheat machine can get the jack pot high to sucker in me:-( the saddest part is it can make sure in a nano second only one winner wins if it likes or the puppet master likes. a computer is a god among men! ran by a man.

but ya I am playing! the only chance for humanity

If you had any idea how the Halogen machine works, you would see that your post is obviously flawed. To start, the balls are mixed by a turntable at the bottom of the machine. The shaft does not contain a vacuum inside it - it has an opening the size of one ball. As soon as the shaft goes down, gravity pulls one, and only one, ball into the shaft. The shaft rises and extracts the ball from the machine by a small stick inside the machine. This process is repeated 5 times. Not even computers can control gravity.

Please understand physics before posting such baloney.

One-Day

I know the disadvantages of the annuity but most lottery winners should choose it or lose it.  Unless you are a financial adviser or have your ducks in a row in the financial area, annuity should be your only option.  Doesn't matter if you are 90 years old and you claim the annuity.  Hell are you going to do with $400 million dallas tomorrow!  Most likely make bad investments, be paranoid and stressed about it (like Jay Z beyonce's husband), choose the wrong financial planner/adviser/lawyers, etc. etc. and dig yourself an early grave.  $14,000,000+ for your first payment is a lot of dough!  With the annuity your kids can claim the other payments for the next 29 years if you died next week.  Yeah, and it is a good thing they don't get to pocket your large lump sum after you die or most likely they'll blow it all quick.

Goteki54's avatarGoteki54

OK, I guess I have to get serious now and win this thing.Big Grin

dpoly1's avatardpoly1

Holy Moly Guacamole!

Dance

travelintrucker's avatartravelintrucker

I went to sleep before the draw and just woke up. I CAN'T BELIEVE IT ROLLED!!!! My thread "Are you ready for the attention?" has just become reality!

Drenick1's avatarDrenick1

Quote: Originally posted by AbsolutelyFun on Jan 10, 2016

Want to take home One Billion dollars cash? The Cash Option sans taxes. (no, not the Annuity)

Well first you need to make the following assumptions:

You must pay 39.6% to the IRS as Federal Tax

You must pay taxes in your individual state if applicable. Lets go with the highest in the country according to LP which is 8.82% so we will calculate by that (thanks New York)

And lastly we will assume the most recent Cash Option percentage which is $806 million divided by the jackpot $1.3 Billion which is 62%.

You would need the jackpot to rollover to $3,126,993,459 and of course be the sole winner.

Your Cash Option would be $1,938,735,945 (the 62%)

and you will pay $767,739,434 in Federal Taxes and (the 39.6%)

assuming you're in New York you will pay the State of New York, $170,996,510 (the 8.82%)

leaving you the nice chunk of change of $1,000,000,000 also known as One Billion Dollars......Crazy mind boggling.

Thank you for detailing the scenario on how to net a billion dollars through the lottery. I had mentioned a condensed version on a different thread.

travelintrucker's avatartravelintrucker

That's why they say Play Responsibly. $2 is just a cheese burger.

Bleudog101

Woke up @ midnight, called the Kentucky Lottery #'s line...'all circuits are busy'.  Tossed and turned and finally got through hours later.  Too cold in sunroom to fire up computer to 'read all about it'.  Just played it again as they say here same #'s, what the heck.

travelintrucker's avatartravelintrucker

Bill Gates is worth about $76 Bil.

jacintasc

Quote: Originally posted by travelintrucker on Jan 10, 2016

That's why they say Play Responsibly. $2 is just a cheese burger.

you are incorrect. At McDonald's you get 2 for $2.00Smile

Drenick1's avatarDrenick1

Quote: Originally posted by maximumfun on Jan 10, 2016

I got the following as "lottery advice" emailed me today from a friend:

If Wednesday night you find you are holding the winning ticket - (before anyone finds out) - immediately call everyone you know.  Tell them you have an emergency and need to borrow $500.  They will likely all ignore you.  This will come in handy in a few weeks when they find out you won and will do 2 things for you.

  1.  it will make it much harder for them to ask to borrow money from you &
  2.  it will tell you who your real friends are so you can share with those in the 2nd column.

I like that! Thanks for posting.

Tami333's avatarTami333

Quote: Originally posted by sirbrad on Jan 10, 2016

Those who matched all 5 and missed the PB be like. PukeLol.

You are right, I thought the same!!  Although they will be happy about $2M, some will be really reflecting on missing the jackpot. My sister never plays the lottery and thought she won thousands but "reflected" for days when she found out her 4 out of 5 numbers only paid a lousy $100, vs 5 out of 5 pays $2M. I told her "Welcome to my club when I miss my 3-digit tickets by one number." 

Bleudog101

Quote: Originally posted by Drenick1 on Jan 10, 2016

I like that! Thanks for posting.

Sounds like good advice.  My Sister, who is too darn cheap to play the lottery told myself and older Brother years ago 'When you win the lottery you HAVE to give me some'.  If she says that again I'll say the only thing I have to do is stay white and die.

Tami333's avatarTami333

Quote: Originally posted by maximumfun on Jan 10, 2016

I got the following as "lottery advice" emailed me today from a friend:

If Wednesday night you find you are holding the winning ticket - (before anyone finds out) - immediately call everyone you know.  Tell them you have an emergency and need to borrow $500.  They will likely all ignore you.  This will come in handy in a few weeks when they find out you won and will do 2 things for you.

  1.  it will make it much harder for them to ask to borrow money from you &
  2.  it will tell you who your real friends are so you can share with those in the 2nd column.

I Agree!  That is great advice!!!  Couldn't do it on my Family, they might wonder what's up, but it would be great to use on people you "think" are your Friends.  What a SUPER idea!!!

MzDuffleBaglady's avatarMzDuffleBaglady

Well, I won a total of $14.00,   spent $10.00 ,  Profit , $4.00.

 

Tha's all I"m playing back, since Missouri just had a $1 million dollar ticket sold.

But, Missouri is a top state for winning Powerball.

 

I"m in again.

 

Good Luck.

P.S. Last night's Powerball number (13) had not been drawn since, 2014!

travelintrucker's avatartravelintrucker

Uh, no. You're still responsible for the decisions you make in life. If you're too concerned about your future well being as a billionaire, then don't play.

Drenick1's avatarDrenick1

Quote: Originally posted by sully16 on Jan 10, 2016

My sister in law is a bank teller, many cash advances on Friday....now what will these people do?

For those who have exhausted their cash advance limit the pawn shop may be their next option. Very sad what a jackpot this size will demonize a previously sane individual to commit.

Nodda4me's avatarNodda4me

Quote: Originally posted by Drenick1 on Jan 10, 2016

For those who have exhausted their cash advance limit the pawn shop may be their next option. Very sad what a jackpot this size will demonize a previously sane individual to commit.

It'll  be ironic. The US economy... 80%  bankrupt due to a lottery jackpot size.

Spiritualist

1.3 Billion? 

Time for a short trip across the border.

travelintrucker's avatartravelintrucker

I sure hope people aren't cashing out their 401Ks and IRAs trying to win this HUGE jackpot!

MzDuffleBaglady's avatarMzDuffleBaglady

What else in this world would make majority spend $2.00-?????

 

Good Luck.

Nodda4me's avatarNodda4me

Quote: Originally posted by travelintrucker on Jan 10, 2016

I sure hope people aren't cashing out their 401Ks and IRAs trying to win this HUGE jackpot!

I put in $10 yesterday. I'll put $10 in for this one.

Bleudog101

Quote: Originally posted by Spiritualist on Jan 10, 2016

1.3 Billion? 

Time for a short trip across the border.

How does the tax liability apply to Canadians?  I understand no taxes are taken out of lottery win there, then again your country is way ahead of the USA in many ways, i.e. metric system, healthcare.  But not here to discuss politics, have a great trip across the border...where do you play?  New Hampshire or Maine???

AbsolutelyFun

Quote: Originally posted by maximumfun on Jan 10, 2016

I got the following as "lottery advice" emailed me today from a friend:

If Wednesday night you find you are holding the winning ticket - (before anyone finds out) - immediately call everyone you know.  Tell them you have an emergency and need to borrow $500.  They will likely all ignore you.  This will come in handy in a few weeks when they find out you won and will do 2 things for you.

  1.  it will make it much harder for them to ask to borrow money from you &
  2.  it will tell you who your real friends are so you can share with those in the 2nd column.

Wow that is the most awesome thing I've read on this website thus far besides recently that the JP was going to be $1.3Billion.

Thanks! Can't wait to make those phone calls. Hahahahahaha

MzDuffleBaglady's avatarMzDuffleBaglady

Quote: Originally posted by travelintrucker on Jan 10, 2016

I sure hope people aren't cashing out their 401Ks and IRAs trying to win this HUGE jackpot!

I Agree!

travelintrucker's avatartravelintrucker

LPers are thinking ahead.

Spiritualist

Quote: Originally posted by Bleudog101 on Jan 10, 2016

How does the tax liability apply to Canadians?  I understand no taxes are taken out of lottery win there, then again your country is way ahead of the USA in many ways, i.e. metric system, healthcare.  But not here to discuss politics, have a great trip across the border...where do you play?  New Hampshire or Maine???

I have to say that I am not a CPA but I have done some research into the matter. This is what I have come up with.  Although Canadians don't pay taxes on lottery winnings, I would still by liable to pay US federal taxes on lottery winnings.

travelintrucker's avatartravelintrucker

I've talked about this before, I don't think it's going to be possible. Huge public outcry and politicians may get involved. The winner(s) trying to stay anonymous after winning this jackpot could end up screwing things up for everyone trying to remain anonymous through law, trusts, and LLCs.

realtorjim

Quote: Originally posted by benmas on Jan 10, 2016

this is really stupid because no matter who wins the next jackpot, we now know that same thing can happen again. another long run to a big jackpot that takes peoples money just to make a few millionaires (or one single billionaire)..what is really the purpose of this isht... to make money for the lottery and the states that allow it...median individual income in us is $24,000..median household is $52,000..just dangle a billion dollar carrot jackpot and suckers will buy it at $2 a ticket. there is a sucker born every minute.

I equate a sucker to someone being gullible.  Playing a ticket or two, if the cash is available, is no different than going to a movie or going to a restaurant.  It's entertainment.  And for two bucks it is cheap entertainment in my opinion.  It has nothing to do with median household income.  I know of people making less pooling their quarters to buy one ticket.  Yes they know the unlikelihood of winning, but for twenty five cents they were able to put their a smile on their face for a few days.  I also know someone who caps out the income tax scale who played.  Does he expect to win, no.  Is he gullible, hence a 'sucker'?  Far from it.  IT'S ENTERTAINMENT!

Rant

Romancandle's avatarRomancandle

Pinch me... 1.3 ... Really?

These next few day are going to be a wild ride...

savagegoose's avatarsavagegoose

here is my perception of the likely hood of the game being won. the odds being 292 million to 1 means if 292 million tickets are sold then there is a %67 chance  gets hit.  because a good chance there will be multiple repeat numbers. now just need to figure how much the jackpot goes up from 29 2 million ticket sold. to  say there is %100 chnace  ever is impossible. but 3x 292 or or 876million ticts sold in draw would be almost certin  it will get won but under stand this fact. the chance of it not getting won at 876 million tickets sold is much better than your personal chance of winning

realtorjim

Quote: Originally posted by C0w Pi3 on Jan 10, 2016

Hopefully someone who wins this and if there is a sole winner is in a state that they can stay anonymous.

You are hopeful for a sole winner in a state that can stay anonymous; I can be a sole winner in a state that can stay anonymous!    I graciously accept the privilege... and am humbled.

Leaving

SANKORE's avatarSANKORE

Groppo's avatarGroppo

Quote: Originally posted by mightwin on Jan 10, 2016

Like I said in the other post we have all been wanting this for years..... It's a perfect storm

I'll be incredibly happy with the 2nd prize.

Groppo's avatarGroppo

Quote: Originally posted by deeharveyd on Jan 10, 2016

Wow...just Wow...Can't believe it.

Exactamundo!

rcbbuckeye's avatarrcbbuckeye

Quote: Originally posted by benmas on Jan 10, 2016

this is really stupid because no matter who wins the next jackpot, we now know that same thing can happen again. another long run to a big jackpot that takes peoples money just to make a few millionaires (or one single billionaire)..what is really the purpose of this isht... to make money for the lottery and the states that allow it...median individual income in us is $24,000..median household is $52,000..just dangle a billion dollar carrot jackpot and suckers will buy it at $2 a ticket. there is a sucker born every minute.

This from someone who posts numbers in maddog's challenge.

Sucker???

Really???

Where else can a person spend a measly $2 and have a chance at millions of dollars? Yes the odds are stratospheric. Well, that's why the jackpot has gotten to this amount.

You stayed up til after 2 in the morning to see the results and to insult PB players. I didn't even check my numbers until the football game was over, then went to bed at 11 (central time).

Sucker?? Yeah.

MaximumMillions

Quote: Originally posted by SANKORE on Jan 10, 2016

Somebody let me know it works with a proxy.White Bounce

Groppo's avatarGroppo

Come on 2nd prize.   1 million is all I need.

2nd Prize baby!  Yeah!

 

(what is my problem?  "2nd Prize" ?.  Get real. 2nd prize is only a million.
"yes, I know but . . . . . "
but nothing. when you go to get your tickets today, think big)

y2kjackson

You wouldn't being saying that if you won!!

cbr$'s avatarcbr$

I can't believe it roll over! I now need to make that 2 hour trip again across the border. IT was a 1 hour 45 minutes slow walk in line before you got in the door. It was insane. The fun was just listening to people talk about what do if they get just a piece of this jackpot. Reality pass out cards in line offering to find you great location to hide if you win. Most interesting information is this. ALA. residents , there is a law on ALA. book, let just say a blue law. Since it is illegal to gamble in ALA. if you have a winning Lottery Ticket they can take all that money from you as illegal money, sorry to say it you could win it in Vegas it don't matter. So as long as this blue law is on the book. Ala can do what it did before give retailer & vendors  the license to sell or do something. Then 6 month later close them down. So the best thing to do for Ala. is to open accounts in the state you gamble in. GL.

RL-RANDOMLOGIC

Quote: Originally posted by Todd on Jan 10, 2016

LOL, Lottery Post was not built to handle jackpots greater than $1 billion.  It's showing up as $1300 million.  Guess I have some work to do! LOL

LOL, when I read the first part I thought you were referring to the traffic.

Party

RL

y2kjackson

Imagine you won that jackpot , and the lottery commission told you , we couldn't pay it? There excuse would be it would good bleed our states dry and we would have to file for bankruptcy? What would you do?

MaximumMillions

Quote: Originally posted by y2kjackson on Jan 10, 2016

Imagine you won that jackpot , and the lottery commission told you , we couldn't pay it? There excuse would be it would good bleed our states dry and we would have to file for bankruptcy? What would you do?

The money is already collected from ticket sales and needs to only be consolidated to the winners state lottery comission. Prize money is not budget money.

RL-RANDOMLOGIC

Quote: Originally posted by y2kjackson on Jan 10, 2016

Imagine you won that jackpot , and the lottery commission told you , we couldn't pay it? There excuse would be it would good bleed our states dry and we would have to file for bankruptcy? What would you do?

In the grand scheme of things 1.3 billion is not even a drop in the bucket.  Maybe one day we will see a

multi-trillion dollar JP but until then I am not worried.  The state govs are the biggest winners anyway.

RL

LottoMetro's avatarLottoMetro

Quote: Originally posted by GiveFive on Jan 10, 2016

Yesterday someone told me that 65% of all the 292 million possible combinations had been sold. (I've no idea if that's accurate or not)

If it's true, that says that 35% of them were unsold.  Therefore last nites's combo came from the 35% of combinations that were not sold. 

Two things come to my mind;  Can they/will they sell more than 65% of the possible combo's for next Wednesday nights drawing, and with a 65% chance of a combo that was sold being drawn, I doubt the jackpot will not be won next Wednesday.  G5

By my estimates nearly 78% of combinations were sold.

We have officially entered the 99th percentile with this rollover. What that means is that on average, 99% of the time there is at least one winner in the current or prior drawings, based on cumulative tickets sold (note: not same probability as winner in this specific draw). I believe the jackpot will be hit Wednesday.

JezzVim

NOW ...... EVERYONE........... ALL Over the WORLD will be playing the Powerball! 

Not just peeps living in the Good Old USA.   So, even though it's an attractive amount.  I STILL will NOT play.   

 When everyone else goes one way, I go the other way.  Sometimes I watch the carnage. 

Question:  HOW did they know three draws ago that it would reach this point?  How did they know?   

I can't be sorry for not  "trusting of the system"

MaximumMillions

Quote: Originally posted by JezzVim on Jan 10, 2016

NOW ...... EVERYONE........... ALL Over the WORLD will be playing the Powerball! 

Not just peeps living in the Good Old USA.   So, even though it's an attractive amount.  I STILL will NOT play.   

 When everyone else goes one way, I go the other way.  Sometimes I watch the carnage. 

Question:  HOW did they know three draws ago that it would reach this point?  How did they know?   

I can't be sorry for not  "trusting of the system"

If you can't part with 2$ you shouldn't.

RL-RANDOMLOGIC

I think I read that $.80 cents of each ticket goes to payouts so the states are making $1.20 for each

ticket sold.  Since most players will not win anything, including the off shore purchases then the big

JP is bringing in a lot of money from all over the world.  A buyout, even if possible based on the time

it would take to secure all the tickets is not a good investment as the risk of multiple winners could

put them in the red.  $2.00 is chicken feed these days and I will buy another ticket so that I can be

part of the largest JP drawing ever.  The odds are so large that I ignore them and have no illusion

of winning but there is still that minuscule chance it could be me.  Have fun and don't take winning

to seriously.   

RL

Prolific-Atom

Am i dreaming, please tell me , am i reading this right?

BananaBananaBanana Relax sit back with some Lurking and enjoy the show. Good luck

LottoMetro's avatarLottoMetro

Buyout? LOL

It would take over 10,000 five-board playslips to be processed every minute from Sunday until Wednesday to buyout Powerball.

lakerben's avatarlakerben

This is why they changed the format. Money!  Record sales!

MrProgrammer's avatarMrProgrammer

Think about this!  See below.  Not only did 28 tickets get all 5 right but not the powerball, but 451 tickets got 4+PB.  Now that is amazing if you think about that for a while!.  Numbers obtained from the Powerball site.

POWERBALL                     Winners  Power Play    Total
Jackpot (Match 5 + PB)     0             0                   0
Match 5                            25           3                   28
Match 4 + Powerball        396         55                 451

RL-RANDOMLOGIC

1,300,000,000.00 That's a lot of 

Green, and zeros. 

It would take spending one million

every day for the next 3.56 years to

go through that much money.  I would

have trouble making it though the first

week.

RL

Romancandle's avatarRomancandle

Quote: Originally posted by lakerben on Jan 10, 2016

This is why they changed the format. Money!  Record sales!

Yeah, but the other side of the coin... few are going to buy a MM ticket for awhile @ 15M

And once this JP is won... lotto fever (increased sales) isn't going to happen until the JP nears 1 Billion again.  Remember when folks got excited when a JP hit 200 or 300 Million?

So they better be making billion $ jackpots regularly or players will see (again) another matrix change Puke

whiteballz's avatarwhiteballz

Went to the store today at 7AM hoping to beat the rush and there were 3 people in line ahead of me. LOL

RL-RANDOMLOGIC

Quote: Originally posted by Raven62 on Jan 10, 2016

Y2K revisited?

LOL

RL-RANDOMLOGIC

Quote: Originally posted by RL-RANDOMLOGIC on Jan 10, 2016

1,300,000,000.00 That's a lot of 

Green, and zeros. 

It would take spending one million

every day for the next 3.56 years to

go through that much money.  I would

have trouble making it though the first

week.

RL

but then again, maybe not.  I forgot about taxes.

RL

lakerben's avatarlakerben

Quote: Originally posted by RL-RANDOMLOGIC on Jan 10, 2016

1,300,000,000.00 That's a lot of 

Green, and zeros. 

It would take spending one million

every day for the next 3.56 years to

go through that much money.  I would

have trouble making it though the first

week.

RL

My wife and daughters would put a serious dent on the money. They would be living at the mall.

 

US Flag

Nodda4me's avatarNodda4me

hello lakerben!

lakerben's avatarlakerben

Quote: Originally posted by Nodda4me on Jan 10, 2016

hello lakerben!

I got my numbers already picked out.  Going to the store and cash a couple of tickets.

 

Howdy!

Volvo36

It's gonna hit $2 Billion by Wednesday!

docstrange

With the jackpot this high and the odds of winning at 1- 292,000,000 you can buy every combination and you will win the jackpot plus $1,000,000 prizes 25 times

sure it will cost you roughly $589 million dollars but you will be a winner

DDOH937's avatarDDOH937

Quote: Originally posted by sully16 on Jan 10, 2016

My sister in law is a bank teller, many cash advances on Friday....now what will these people do?

A guy told me yesterday that if it rolled, he would be using his entire pay check for this one. Went into Publix Supermarket this morning around 9am to pick up some groceries and the lines were there. I thought it was just people checking tickets but EVERYONE had cash in one hand ready to buy. INSANE!!!...but cool. hahahaha

SoleWinner21

False advertising.. Not really a billion dollar jackpot when you're ending up with less after you win.

Nodda4me's avatarNodda4me

Quote: Originally posted by SoleWinner21 on Jan 10, 2016

False advertising.. Not really a billion dollar jackpot when you're ending up with less after you win.

It's not false advertising.

 

If you buy a 99 cent drink at the store, with a sticker price 99 cents, are you going to cry about paying the .05% tax?

 

basically the same thing...

Romancandle's avatarRomancandle

Quote: Originally posted by Nodda4me on Jan 10, 2016

It's not false advertising.

 

If you buy a 99 cent drink at the store, with a sticker price 99 cents, are you going to cry about paying the .05% tax?

 

basically the same thing...

I think a better analogy would be if you went to pay for that .99 soft drink and they charged you $3 instead, saying "oh .99 was the price back in 1986"

Teddi's avatarTeddi

I'm waiting for the $1 billion cash value. That's my sweet spot. That's what I really want to see.

Since we're in completely uncharted territory here, predictions are going to be hard but I see no reason why we won't get there. If it gets to a $1 billion cash value AFTER  taxes I might lose my mind.

ArizonaDream's avatarArizonaDream

It's not not taxes, it's the difference between the annuity value and the cash value that makes it false advertising. They should have to put the cash value along with the annuity value on all the signs when they post the jackpot value.  Almost no one takes the annuity, but that's all they advertise most places.

dougabc123

Quick Pick question... 

Is there a database of all possible winning number combinations, from which quickpick tickets are drawn?

Or, are quick pick numbers simply randomly generated at each terminal?

Romancandle's avatarRomancandle

Quote: Originally posted by dougabc123 on Jan 10, 2016

Quick Pick question... 

Is there a database of all possible winning number combinations, from which quickpick tickets are drawn?

Or, are quick pick numbers simply randomly generated at each terminal?

Quick picks are randomly generated at the terminal I believe.

I've always wondered if duplicate QP tickets can be generated... ie in the case of multiple winners, always thought multiple winners resulted from self picks

rcbbuckeye's avatarrcbbuckeye

Quote: Originally posted by dougabc123 on Jan 10, 2016

Quick Pick question... 

Is there a database of all possible winning number combinations, from which quickpick tickets are drawn?

Or, are quick pick numbers simply randomly generated at each terminal?

QP's are generated randomly at each lottery terminal.

Spiritualist

Quote: Originally posted by Teddi on Jan 10, 2016

I'm waiting for the $1 billion cash value. That's my sweet spot. That's what I really want to see.

Since we're in completely uncharted territory here, predictions are going to be hard but I see no reason why we won't get there. If it gets to a $1 billion cash value AFTER  taxes I might lose my mind.

I'm sticking my neck out saying this but such a scenario is not entirely impossible. I could definitely see a scenario whereby the population purchases fewer tickets after a large run up, thereby actually causing the JP to run successively higher, albeit at a slower pace, but with fewer chances of being won. Let's call this lottery fatigue. 

 

PS I hope I expressed my thoughts accurately.

rcbbuckeye's avatarrcbbuckeye

Quote: Originally posted by whiteballz on Jan 10, 2016

Went to the store today at 7AM hoping to beat the rush and there were 3 people in line ahead of me. LOL

LOL. Just went to the little c-store where I usually buy my tix, and.......I'm the only one there!

So, I'm good for Texas 2 Step tomorrow night, MM Tuesday night, Texas Lotto Wednesday night, and PB Wednesday night.

MrPhilly1

Can't believe it actually rolled but hey, why not be apart of history? I'm in!

rock_nc's avatarrock_nc

Well folks, I think I will buy a 2.00 dollar today, 2.00 on Monday, 2.00 on Tuesday and a 2.00 dollar on Wednesday! 8.00 bucks will be enough for me. All QP too! California had a total of 2,267,503 winners and 6 of those was 5 numbers right! Florida had 1,494,110 and only one win for 5 numbers correct! New York had 1,394,328 winners last night! 3 of them had a match 5.. Now Texas had a total of 1,462,985 winners, and only one person to match 5 right! But the total winners from all 44 states that play the lottery was   18,315,365. Woweee!! Check it out, go to www.powerball.com and click on winner breakdown by lottery. Check out each state winners. Good Luck everyone! Have a nice Sunday!Smile

Grovel's avatarGrovel

This is how I feel right now.

Romancandle's avatarRomancandle

Quote: Originally posted by rock_nc on Jan 10, 2016

Well folks, I think I will buy a 2.00 dollar today, 2.00 on Monday, 2.00 on Tuesday and a 2.00 dollar on Wednesday! 8.00 bucks will be enough for me. All QP too! California had a total of 2,267,503 winners and 6 of those was 5 numbers right! Florida had 1,494,110 and only one win for 5 numbers correct! New York had 1,394,328 winners last night! 3 of them had a match 5.. Now Texas had a total of 1,462,985 winners, and only one person to match 5 right! But the total winners from all 44 states that play the lottery was   18,315,365. Woweee!! Check it out, go to www.powerball.com and click on winner breakdown by lottery. Check out each state winners. Good Luck everyone! Have a nice Sunday!Smile

I was thinking the same thing, but Saturday was a little crazy at my usual ticket stops... long lines, crabby clerks (can you blame them)

I'm loading up earlyThumbs Up

Bleudog101

Quote: Originally posted by Romancandle on Jan 10, 2016

I was thinking the same thing, but Saturday was a little crazy at my usual ticket stops... long lines, crabby clerks (can you blame them)

I'm loading up earlyThumbs Up

When I visit Stateline, Nevada always walk down the street to play lottery in California. They have no self service machines were I go.

Yesterday they showed that Primm, CA Lotto store with a three hour wait to get their tickets. 

In the background you could see a row of self service lottery machines with a bunch of scratchers.  My question for someone in California do the self service machines allow you to play MM & PB??  Not a soul was @ any of them.  Just curious, every other state I've played with those machines are multi-functional.

 

I'd sure hate to be a clerk @ that store!!

sonnet's avatarsonnet

Played one ticket (stopped playing PB when it went to $2) but the frenzy was enuff to get into the mix, matched only two numbers, 16 and 57, no win.  Question is why does the MSM keep on comparing this massive PB jackpot with "El Gorda"?

Bleudog101

Quote: Originally posted by sonnet on Jan 10, 2016

Played one ticket (stopped playing PB when it went to $2) but the frenzy was enuff to get into the mix, matched only two numbers, 16 and 57, no win.  Question is why does the MSM keep on comparing this massive PB jackpot with "El Gorda"?

I read that is not a true lottery, it is a raffle with many folks getting some good money.

 

On a side note, went to PB website to view a few states PB amount listed.  The website builders will be busy tomorrow updating their sites to fit in $1,300,000,000.00.  Some said 1300 million, two others 999 million, and some states were down altogether.

Tinker

Quote: Originally posted by MaximumMillions on Jan 10, 2016

The money is already collected from ticket sales and needs to only be consolidated to the winners state lottery comission. Prize money is not budget money.

Ever hear of the state of Illinois? They didn't pay for a long time because of budget.

rcbbuckeye's avatarrcbbuckeye

Quote: Originally posted by rock_nc on Jan 10, 2016

Well folks, I think I will buy a 2.00 dollar today, 2.00 on Monday, 2.00 on Tuesday and a 2.00 dollar on Wednesday! 8.00 bucks will be enough for me. All QP too! California had a total of 2,267,503 winners and 6 of those was 5 numbers right! Florida had 1,494,110 and only one win for 5 numbers correct! New York had 1,394,328 winners last night! 3 of them had a match 5.. Now Texas had a total of 1,462,985 winners, and only one person to match 5 right! But the total winners from all 44 states that play the lottery was   18,315,365. Woweee!! Check it out, go to www.powerball.com and click on winner breakdown by lottery. Check out each state winners. Good Luck everyone! Have a nice Sunday!Smile

Texas had 3 second prize winners, 2 with powerplay. All qp.

BuyLow's avatarBuyLow

FL signs LOL.....

 

MaximumMillions

Quote: Originally posted by Tinker on Jan 10, 2016

Ever hear of the state of Illinois? They didn't pay for a long time because of budget.

That's because the comptroller couldn't release the fund. They still weren't state money.

edmunddantes13

Long time lurker, and figured I'd finally sign up.

It doesn't matter where you buy the ticket (except for one group of people). 

Your state is getting the cut no matter what (unless you have no income tax at all or no tax on lottery winnings). Going to a no tax state to buy your ticket will not protect you from having to pay income tax on your state's taxes.

The only people that should worry about which state they buy their tickets are those people living in no tax states. 

Don't be the person that lives in a no-tax state that buys it in a tax state. As you will owe the taxes in the state you purchased the ticket as it will be income you earned in that state.

rock_nc's avatarrock_nc

Quote: Originally posted by rcbbuckeye on Jan 10, 2016

Texas had 3 second prize winners, 2 with powerplay. All qp.

Thanks! I missed that!Smile

golfer1960's avatargolfer1960

$1.3B???

That's like buying 1,300 One Million Dollar Mansions...

That's like having 1,300 One Million Dollar Bills...

lotterybraker's avatarlotterybraker

Quote: Originally posted by rcbbuckeye on Jan 10, 2016

Texas had 3 second prize winners, 2 with powerplay. All qp.

That is what they want to...all QUICK PICS...that really has no chance to win unless lightening strikes...that creates millions and millions and millions of dollars worth of sales

WHEN DOES IT BECOME A CRIME for MUSL to increase the ticket sales to 2 $...add an unholy amount of numbers to the set that does actually cover just about every man woman and child in the U.S...population 330 million..powerball set is what 290 million combinations

 

NOW IF YOU TAKE INTO ACCOUNT every person playing in the U.S it is more than the POPULATION of the U.S. because only adults can play...

 

YOU SAW THE GRAPH since POWERBALL CHANGED THE MATRIX of numbers...all jackpots has been going up and up and up ...

 

NOW THIS IS THE TRUTH RIGHT HERE...higher ticket sales = more MONEY...more combinations in the set = MORE MONEY...more combinations in the set = HIGHER JACKPOTS....PRETEST DRAWS AND POST TEST DRAWS = you lose and more quick pics sold which = MORE MONEY!!!!!

 

WHEN DOES A DREAM OF WINNING RICHES OUT RANK STEALING ON A COLOSSAL SCALE...if I  meet an untimely departure from this planet you will know why...

 

I am the only one on this Planet that could go into the FBI'S OFFICE and then go in front of a FEDERAL JUDGE and prove to them beyond any shadow of doubt that this is TAMPERING, MANIPULATION  AND STEALING!!!!!

golfer1960's avatargolfer1960

Quote: Originally posted by benmas on Jan 10, 2016

this is really stupid because no matter who wins the next jackpot, we now know that same thing can happen again. another long run to a big jackpot that takes peoples money just to make a few millionaires (or one single billionaire)..what is really the purpose of this isht... to make money for the lottery and the states that allow it...median individual income in us is $24,000..median household is $52,000..just dangle a billion dollar carrot jackpot and suckers will buy it at $2 a ticket. there is a sucker born every minute.

So Ben, how many tickets you gonna get? Wink

rcbbuckeye's avatarrcbbuckeye

Quote: Originally posted by lotterybraker on Jan 10, 2016

That is what they want to...all QUICK PICS...that really has no chance to win unless lightening strikes...that creates millions and millions and millions of dollars worth of sales

WHEN DOES IT BECOME A CRIME for MUSL to increase the ticket sales to 2 $...add an unholy amount of numbers to the set that does actually cover just about every man woman and child in the U.S...population 330 million..powerball set is what 290 million combinations

 

NOW IF YOU TAKE INTO ACCOUNT every person playing in the U.S it is more than the POPULATION of the U.S. because only adults can play...

 

YOU SAW THE GRAPH since POWERBALL CHANGED THE MATRIX of numbers...all jackpots has been going up and up and up ...

 

NOW THIS IS THE TRUTH RIGHT HERE...higher ticket sales = more MONEY...more combinations in the set = MORE MONEY...more combinations in the set = HIGHER JACKPOTS....PRETEST DRAWS AND POST TEST DRAWS = you lose and more quick pics sold which = MORE MONEY!!!!!

 

WHEN DOES A DREAM OF WINNING RICHES OUT RANK STEALING ON A COLOSSAL SCALE...if I  meet an untimely departure from this planet you will know why...

 

I am the only one on this Planet that could go into the FBI'S OFFICE and then go in front of a FEDERAL JUDGE and prove to them beyond any shadow of doubt that this is TAMPERING, MANIPULATION  AND STEALING!!!!!

QP have always outsold self picks. Personally I play QP sometimes, and sometimes I pick my numbers. Sometimes I use LP ' s RNG.

So I'm curious. If you are the only one on  the planet that can prove it's tampering, manipulation,and stealing, beyond any shadow of doubt, what's stopping you? If it's money, then you need to win PB or MM jackpot?

ryanm

Quote: Originally posted by DDOH937 on Jan 10, 2016

A guy told me yesterday that if it rolled, he would be using his entire pay check for this one. Went into Publix Supermarket this morning around 9am to pick up some groceries and the lines were there. I thought it was just people checking tickets but EVERYONE had cash in one hand ready to buy. INSANE!!!...but cool. hahahaha

Even if it was humanly realistic to purchase every combination, which it isn't, it is a very foolish endeavor.  If just ONE OTHER TICKET wins, then you lose BIG on the investment.

IMOPINUNATED's avatarIMOPINUNATED

how can i buy a ticket online?

MaximumMillions

Quote: Originally posted by IMOPINUNATED on Jan 10, 2016

how can i buy a ticket online?

On <snip> or lottosend.com . They are unofficial courier services. They buy tickets or you and scan them. I make no guarantees for their trustworthiness. also they might be closed due to high demand.

This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

IMOPINUNATED's avatarIMOPINUNATED

i was told by a pychic i would win 1billion in a lottery,i said yeah sure,no lotteries ever go that high,so tell me how do i buy a ticket online?if i win ill give you 10million

rock_nc's avatarrock_nc

Quote: Originally posted by Groppo on Jan 10, 2016

I'll be incredibly happy with the 2nd prize.

Smile me also!

IMOPINUNATED's avatarIMOPINUNATED

focus people , how do i buy a ticket online?

Guest

Quote: Originally posted by IMOPINUNATED on Jan 10, 2016

focus people , how do i buy a ticket online?

The lotter. The websites has been down today.

Unless  you go with their competitor. Make sure read the review of their competitor. If it legit.

Nikkicute's avatarNikkicute

Quote: Originally posted by BuyLow on Jan 10, 2016

FL signs LOL.....

 

Texas sign, look at little MegaMillions lol

MaximumMillions

Quote: Originally posted by MaximumMillions on Jan 10, 2016

On <snip> or lottosend.com . They are unofficial courier services. They buy tickets or you and scan them. I make no guarantees for their trustworthiness. also they might be closed due to high demand.

This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

LMAO why is the site that advertises here SPAM?Green laugh

MaximumMillions

Quote: Originally posted by Nikkicute on Jan 10, 2016

Texas sign, look at little MegaMillions lol

Aw, that's sad. Bless his heart.

sirbrad's avatarsirbrad

Quote: Originally posted by AbsolutelyFun on Jan 10, 2016

When will people learn that the Federal Tax is NOT 25% when you're dealing with these large amounts.  sirbrad you gotta give Uncle Sam 39.6% but you could get that reduced somewhat assuming a number of things that your CPA (which you will easily be able to afford and you will most certainly need) can probably save you some percentage points but every person's situation varies.  So you may want to change your matrix of payouts to 39.6% rather than 25% because you will NOT receive 14.6% of what you think you will.  With huge numbers like that 14.6% becomes pretty significant.

No one said those were "final" deductions but it is close enough. Also you get more usually in the end than advertised and if you wanted you could earn way more with interest to cover the taxes. But would you really HAVE to? No. If you are focusing on taxes in this case you are simply a pessimistic thinker who shouldn't be playing. I am focusing on the ENORMOUS amount left after taxes which will still be WAY more than anyone else ever won and more than most have. Honestly with this amount of money I don't give a crap because I would still have over half a billions dollars net in the end. Whatever taxes they take I would never touch anyway, I would never even touch 99% of the  principle. I will gladly pay those taxes on this amount. I could also invest in tax free Government bonds to cover the taxes which would not even be necessary. I will still have several hundred million cleared. I would be set for life after the first payment and am very well prepared.

Power8411

Get a signwriter to tag a "1" to the left hand side of the numbers.

realtorjim

Quote: Originally posted by y2kjackson on Jan 10, 2016

Imagine you won that jackpot , and the lottery commission told you , we couldn't pay it? There excuse would be it would good bleed our states dry and we would have to file for bankruptcy? What would you do?

You file your claim anyway.  That gives a priority right in proceedings.  However, considering Powerball is made up of 44 states, if it would come to such a drastic action as all states failing at the same time, there is much more going on in the world.  Just curl up in the fetal position and wait.

realtorjim

Quote: Originally posted by SoleWinner21 on Jan 10, 2016

False advertising.. Not really a billion dollar jackpot when you're ending up with less after you win.

Geesh!  Disapprove

IPlayWeekly's avatarIPlayWeekly

Whoever wins can't spend it in their lifetime, like I said yesterday... generational wealth.  I am also happy for the 28 people who won 1 million matching 5 numbers.

Bleudog101

Quote: Originally posted by sirbrad on Jan 10, 2016

No one said those were "final" deductions but it is close enough. Also you get more usually in the end than advertised and if you wanted you could earn way more with interest to cover the taxes. But would you really HAVE to? No. If you are focusing on taxes in this case you are simply a pessimistic thinker who shouldn't be playing. I am focusing on the ENORMOUS amount left after taxes which will still be WAY more than anyone else ever won and more than most have. Honestly with this amount of money I don't give a crap because I would still have over half a billions dollars net in the end. Whatever taxes they take I would never touch anyway, I would never even touch 99% of the  principle. I will gladly pay those taxes on this amount. I could also invest in tax free Government bonds to cover the taxes which would not even be necessary. I will still have several hundred million cleared. I would be set for life after the first payment and am very well prepared.

Kudos, my thoughts exactly except that I'm going with cash option.

BBLL's avatarBBLL

Quote: Originally posted by realtorjim on Jan 10, 2016

Geesh!  Disapprove

One Ticket

One Winner

 

Party

Guru101's avatarGuru101

I won't lie I bought a $4 QP from a self service machine at Jay C. I said I'm getting in on this $1.3 billion today! lol Big Grin

realtorjim

Quote: Originally posted by golfer1960 on Jan 10, 2016

So Ben, how many tickets you gonna get? Wink

Not only funny, also certainly a valid possibility of being true!

Green laugh

MaximumMillions

Quote: Originally posted by IPlayWeekly on Jan 10, 2016

Whoever wins can't spend it in their lifetime, like I said yesterday... generational wealth.  I am also happy for the 28 people who won 1 million matching 5 numbers.

Watch me!

 

I don't think touching the principal is a bad thing, can't take it with you. Just don't run out before you bite it.

realtorjim

Quote: Originally posted by BBLL on Jan 10, 2016

One Ticket

One Winner

 

Party

Don't you mean;

Dance

 

(Thanks for supporting my win!)

larmanya

Quote: Originally posted by Bleudog101 on Jan 10, 2016

When I visit Stateline, Nevada always walk down the street to play lottery in California. They have no self service machines were I go.

Yesterday they showed that Primm, CA Lotto store with a three hour wait to get their tickets. 

In the background you could see a row of self service lottery machines with a bunch of scratchers.  My question for someone in California do the self service machines allow you to play MM & PB??  Not a soul was @ any of them.  Just curious, every other state I've played with those machines are multi-functional.

 

I'd sure hate to be a clerk @ that store!!

I've never been to Primm so I don't know about that store specifically. Generally the older machines are either draw games or scratchers. Normally there's one machine of each type right next to each other. The new machines do both. The new machines also let you confirm your picks for draw games, the old ones just print after you input the last mega. I always use the new machine since that one time I hit the 09 when I wanted the 08.

sirbrad's avatarsirbrad

Quote: Originally posted by NoCompLotto! on Jan 10, 2016

If you had any idea how the Halogen machine works, you would see that your post is obviously flawed. To start, the balls are mixed by a turntable at the bottom of the machine. The shaft does not contain a vacuum inside it - it has an opening the size of one ball. As soon as the shaft goes down, gravity pulls one, and only one, ball into the shaft. The shaft rises and extracts the ball from the machine by a small stick inside the machine. This process is repeated 5 times. Not even computers can control gravity.

Please understand physics before posting such baloney.

Nah there is a guy hidden inside and he is placing the unplayed balls on the stick from underneath. LOL Dupe Alert

sonnet's avatarsonnet

Quote: Originally posted by Bleudog101 on Jan 10, 2016

I read that is not a true lottery, it is a raffle with many folks getting some good money.

 

On a side note, went to PB website to view a few states PB amount listed.  The website builders will be busy tomorrow updating their sites to fit in $1,300,000,000.00.  Some said 1300 million, two others 999 million, and some states were down altogether.

Thanks for the response. Although, the MSM keeps on equating "El Gordo" with the PB.   Hopefully, Todd can send out "FYI's" to various media outlets to let them know the difference. 

Anyway, my concern with the PB, is not  the change of algorithm by increasing the numbers to select (from 1-69) and the PB (01-25) but was on the increase on the play amount $2.00 to be in the game.  The two dollar bill was never a hit, when it was originally instituted by the Feds.   I think that it is much more exciting to note that one hit 1.3 billion on a one dollar bill.  This is why the mega millions still appeals to me to play once in awhile.  Two dollars, I think is too much unless it is all or nothing where the odds are one matches or does not match.  That is much more fair. 

 

Still think that I have better chances/odds in winning Cash 5; P4 or P3  on the local level --amount will not be the same as 1.3 billion.   So where does that leave one?  Join in the frenzy knowing the odds, just because, or hold that $2.00 for a chance at two tickets on the mega millions?

realtorjim

Quote: Originally posted by sirbrad on Jan 10, 2016

Nah there is a guy hidden inside and he is placing the unplayed balls on the stick from underneath. LOL Dupe Alert

Sirbrad, you have just disclosed confidential information vital to the entire operation of MUSL.  You need to come with us please.  Don't bother to grab your coat...

Cool Oogle Cool ...................................................................  Yellow Eyes

ressuccess's avatarressuccess

I hope someone wins this jackpot.

sonnet's avatarsonnet

Quote: Originally posted by ressuccess on Jan 10, 2016

I hope someone wins this jackpot.

Hopefully, it will be me on Wednesday!  Will remember you!

BuyLow's avatarBuyLow

Quote: Originally posted by sirbrad on Jan 10, 2016

Nah there is a guy hidden inside and he is placing the unplayed balls on the stick from underneath. LOL Dupe Alert

Its true...

jacintasc

Thank you for visiting theLotter!

Due to the high demand for the U.S. Powerball, the service is temporarily unavailable in your country. We encourage you to check back in a couple of hours in order to get your ticket for the biggest lottery jackpot in history.
We apologise for the inconvenience and wish you lots of luck!

 

Note: I am in the USA lol!

travelintrucker's avatartravelintrucker

Welcome to the LP family!

BuyLow's avatarBuyLow

Quote: Originally posted by sirbrad on Jan 10, 2016

Nah there is a guy hidden inside and he is placing the unplayed balls on the stick from underneath. LOL Dupe Alert

On a serious note, I would like to see underneath….

travelintrucker's avatartravelintrucker

Read what you are typing. It doesn't matter what the MUSL does. You don't have to play.

sonnet's avatarsonnet

Quote: Originally posted by travelintrucker on Jan 10, 2016

Read what you are typing. It doesn't matter what the MUSL does. You don't have to play.

Yep, that is what I am doing...what say you?  $1.3billion is a staggering amount. 

realtorjim

Quote: Originally posted by BuyLow on Jan 10, 2016

On a serious note, I would like to see underneath….

BuyLow, you are undermining the confidence of the public in general and are jeopardizing the entire operation of MUSL.  You need to come with us please.  Don't bother to grab your coat...

Cool Oogle Cool ...................................................................  Yellow Eyes

GYM RICE

Thank your lucky stars that the top tax rate is just under 40% Federally. If a guy like Bernie Sanders became President, he'd try to move that rate as close to 90% as possible. That's one of the reasons you take the cash option. America is almost at 20 Trillion in debt. The future for America will be higher taxes...

realtorjim

Quote: Originally posted by ressuccess on Jan 10, 2016

I hope someone wins this jackpot.

I believe I am an unspecified person.  That would make me someone.  I hope your hope for me as someone comes true too!  It is truly appreciated.   Embarassed

realtorjim

Quote: Originally posted by GYM RICE on Jan 10, 2016

Thank your lucky stars that the top tax rate is just under 40% Federally. If a guy like Bernie Sanders became President, he'd try to move that rate as close to 90% as possible. That's one of the reasons you take the cash option. America is almost at 20 Trillion in debt. The future for America will be higher taxes...

I Agree!   It seems like many LP'ers don't recognize the income tax rate was that high at one period in time, and can easily return there.  CASH option, if only because of the uncertainty of politics!

GYM RICE

Quote: Originally posted by LottoMetro on Jan 10, 2016

Buyout? LOL

It would take over 10,000 five-board playslips to be processed every minute from Sunday until Wednesday to buyout Powerball.

Yup,and with just one other winner for the grand prize, you'd be in the red. Two other winners and you'd take a major loss.

Ron5995

Quote: Originally posted by ressuccess on Jan 10, 2016

I hope someone wins this jackpot.

At the Wawa where I buy tickets, there was no line and seemingly little interest this afternoon. The machine was just there, being mostly ignored as usual. Bought one ticket with Powerplay, plus one PA Treasure Hunt ticket ($100K jackpot, which is high for that game).

Crazy as it seems, Powerball could roll again. While it's world record breaking, most who played last time likely won't wager more than previously (many already blew their extra funds; maxed out their cash advance lines, etc). Also, the number of casual players may be about the same, since most who rarely play the lottery already participated in the last round. Result being sales may end up being about the same, or even a tad less.

$1.3 billion is still a solid estimate and it may grow to $1.4 billion or so, but unless the final estimate far exceeds that, figure on a good chance of a rollover again!

I'm already envisioning Saturday's draw at $2 billion annuity. That would be insane - a $1 billion jump in a week. Crazy stuff.

When Powerball does finally reset, they're going to have a heck of a time moving tickets. $40 million seems so small compared to billions. Perception and dreams is what drives sales, not reality.

Ditto what others have posted - matrix change is highly likely for MM and/or PB in the near future. Many players will now expect billion dollar jackpots, and hence the odds will need to catch up to match. 1 in ~292 million won't cut it. 1 in a billion for a billion is more like it. Not sure how long that will keep players playing though. As the jackpots get ever larger, the law of diminishing returns will eventually flatten sales...

The average player isn't going to shell out $10 or whatever twice a week for a 1 in a billion chance to win. Smart lotteries have already planned ahead and are increasing focus on in-state and regional games along with instant tickets; improving odds of winning lower, decent amounts verses touting another world record jackpot.

Rambling on, but bottom line is a roll over seems relatively likely. Get ready for $2 billion.

sonnet's avatarsonnet

If there is no ticket that matches the 6 balls on Wednesday, what will PB do? Reduce the cost of play, or  keep it rolling to drive the country into a temporary grip of lottery fever?  Would this action pare us from tuning into the 2016 Prez candidates  for the month of Jan?  What about the superbowl- playoffs--put that underneath the radar; not to forget all those folks with their 2016 resolutions of losing weight/stop smoking/be healthy/be in psychic contact with the self etc..Will they all be on hold for the PB?   

jacintasc

Quote: Originally posted by sonnet on Jan 10, 2016

If there is no ticket that matches the 6 balls on Wednesday, what will PB do? Reduce the cost of play, or  keep it rolling to drive the country into a temporary grip of lottery fever?  Would this action pare us from tuning into the 2016 Prez candidates  for the month of Jan?  What about the superbowl- playoffs--put that underneath the radar; not to forget all those folks with their 2016 resolutions of losing weight/stop smoking/be healthy/be in psychic contact with the self etc..Will they all be on hold for the PB?   

yes

realtorjim

Quote: Originally posted by sonnet on Jan 10, 2016

If there is no ticket that matches the 6 balls on Wednesday, what will PB do? Reduce the cost of play, or  keep it rolling to drive the country into a temporary grip of lottery fever?  Would this action pare us from tuning into the 2016 Prez candidates  for the month of Jan?  What about the superbowl- playoffs--put that underneath the radar; not to forget all those folks with their 2016 resolutions of losing weight/stop smoking/be healthy/be in psychic contact with the self etc..Will they all be on hold for the PB?   

No.  Maybe.  Possibly.  Without a doubt.

ohiopick3's avatarohiopick3

I am sure someone has posted something similar to this. But don't have time to read them all.

There was "One" Jackpot winner so far from the new matrix since October 2015.

These large Jackpots will be available possibly 3 to 5 times each year if they keep it this way.

Don't get too discouraged if you don't hit it big, there will be many more like this in 2016.

But good luck to all that are trying. Watch your wallet too! That is a very important thing nowadays.

Estimated 48% in taxes total for Ohio if you take the "Cash Value". That's okay with me though.

But, Remember there will be more chances down the road.

lejardin's avatarlejardin

Time for me to eat my words.  I said no way would Powerball ever get to a billion.

I was wr .....  wrrr.... wroo...... wro.....wronnn...... I was WRONG.  That was harder than I thought lol.

I am also very surprised, as I guess most are that it was not won last nite.  Gives us all another chance.  Ok, on to dreaming of what I will do with this tremendous amount of money.

Good Luck everybody.

realtorjim

Quote: Originally posted by lejardin on Jan 10, 2016

Time for me to eat my words.  I said no way would Powerball ever get to a billion.

I was wr .....  wrrr.... wroo...... wro.....wronnn...... I was WRONG.  That was harder than I thought lol.

I am also very surprised, as I guess most are that it was not won last nite.  Gives us all another chance.  Ok, on to dreaming of what I will do with this tremendous amount of money.

Good Luck everybody.

No lejardin, you are not spinning it properly.  What you meant when you said the Powerball would not ever get to a billion was the actual cash value, and you still stand by that projection... until it happens, then you spin it again and state you were referring to the after tax value!  This should cover you for quite some time, while remaining correct in your statement.

jacintasc

I'm certain Mega Millions will change their matrix now. Even with their most recent matrix change, MM never gets high enough.

savagegoose's avatarsavagegoose

the coparisn   t l gordoo is people will buy tickcet all year long and once a yeear there will be 1 big winner

sonnet's avatarsonnet

Quote: Originally posted by realtorjim on Jan 10, 2016

No.  Maybe.  Possibly.  Without a doubt.

Thank you.  That was a very good response.  Since this is a statistical game of probability that entails what if's".  One can assume that many in the country are dreaming of what would they do if they matched all 6 balls and  won?  The MSM is definitely on board, fuelling the excitment of winning 1.3 billion, in a gamble for an individual's future; the county for at least 4 days will be paralysed with lottery fever, for those who are prone to volunteer their $2.00   Isn't this the embodiment of capitalism?    We should be so lucky to enjoy this air of freedom to dream about money.  Afte the fact, the majority of us will be at work on Thursday, dealing with the doldrums of daily existence and those expenses.  But for a few days, many will be in the stratsophere of the "force is with you"...so to paraphrase that iconic movie; which I shall not see. 

Okay hit me with the best that you've got.

~s

lejardin's avatarlejardin

Quote: Originally posted by realtorjim on Jan 10, 2016

No lejardin, you are not spinning it properly.  What you meant when you said the Powerball would not ever get to a billion was the actual cash value, and you still stand by that projection... until it happens, then you spin it again and state you were referring to the after tax value!  This should cover you for quite some time, while remaining correct in your statement.

LOL I can always count on my pal to bail me out.  Very good, thank you for helping me save face hahahahahahahahaha.  Good Luck to us on the next draw!

Sad Cheers

alexnt55

Quote: Originally posted by Volvo36 on Jan 10, 2016

It's gonna hit $2 Billion by Wednesday!

I do not think they will sale enough tickets by WED to get the annuity up to 2 billion. For it to get that high it would need a cash value of around 1.24 billion. The cash value ended up being about 589 million last night and they had total sales for last nights drawing ending up around 880 million. My math may be wrong here but for the cash value to increase 635 million i think it would take 2 billion in ticket sales for this to happen. I know ticket sales will be very high but do not think they will total 2 billion. I am guessing some people who spent way more then they should have might be unable to spend what they did the last 3 days.

Romancandle's avatarRomancandle

Quote: Originally posted by sonnet on Jan 10, 2016

Thank you.  That was a very good response.  Since this is a statistical game of probability that entails what if's".  One can assume that many in the country are dreaming of what would they do if they matched all 6 balls and  won?  The MSM is definitely on board, fuelling the excitment of winning 1.3 billion, in a gamble for an individual's future; the county for at least 4 days will be paralysed with lottery fever, for those who are prone to volunteer their $2.00   Isn't this the embodiment of capitalism?    We should be so lucky to enjoy this air of freedom to dream about money.  Afte the fact, the majority of us will be at work on Thursday, dealing with the doldrums of daily existence and those expenses.  But for a few days, many will be in the stratsophere of the "force is with you"...so to paraphrase that iconic movie; which I shall not see. 

Okay hit me with the best that you've got.

~s

Thursday is going to be a tough day back to work for 99.9999999% of us.

Stratospheric for just a one or a few...

We'll at least have MM jackpot of 20MM to look forward to on Friday LOL

sonnet's avatarsonnet

Quote: Originally posted by realtorjim on Jan 10, 2016

No lejardin, you are not spinning it properly.  What you meant when you said the Powerball would not ever get to a billion was the actual cash value, and you still stand by that projection... until it happens, then you spin it again and state you were referring to the after tax value!  This should cover you for quite some time, while remaining correct in your statement.

I concur.  If the cashpayout is $1billion--you've wiggle room.

sonnet's avatarsonnet

Quote: Originally posted by Romancandle on Jan 10, 2016

Thursday is going to be a tough day back to work for 99.9999999% of us.

Stratospheric for just a one or a few...

We'll at least have MM jackpot of 20MM to look forward to on Friday LOL

LOL--that is so true! Thanks.

jacintasc

what does the jackpot need to be for a cash payout of 1 billion after tax? and how many rolls?

LottoMetro's avatarLottoMetro

Quote: Originally posted by jacintasc on Jan 10, 2016

what does the jackpot need to be for a cash payout of 1 billion after tax? and how many rolls?

 A little more than $2.67 billion, based on the current ratio and assuming Federal only.

Would probably take 3-4 more rolls.

jacintasc

Quote: Originally posted by LottoMetro on Jan 10, 2016

 A little more than $2.67 billion, based on the current ratio and assuming Federal only.

Would probably take 3-4 more rolls.

Thank you! Let's aim for that!Patriot

LottoMetro's avatarLottoMetro

Quote: Originally posted by jacintasc on Jan 10, 2016

Thank you! Let's aim for that!Patriot

Well, I estimate the odds of the jackpot reaching that point around 1 in 4155. So we would have to repeat this frenzy 4 times a year for more than a 1000 years to be confident of hitting that. We are more likely to have the cash hit $1 B but after taxes.....not so much.

jacintasc

Quote: Originally posted by LottoMetro on Jan 10, 2016

Well, I estimate the odds of the jackpot reaching that point around 1 in 4155. So we would have to repeat this frenzy 4 times a year for more than a 1000 years to be confident of hitting that. We are more likely to have the cash hit $1 B but after taxes.....not so much.

it should be possible though, considering that this one actually hasn't rolled over that much

Gleno's avatarGleno

One question:  what would happen if one person won and did not claim the prize, let's say they lost the ticket or died? 

Would each state keep their share of the Jackpot  be based on the number of tickets each state sold?

Just asking...

LottoMetro's avatarLottoMetro

Quote: Originally posted by jacintasc on Jan 10, 2016

it should be possible though, considering that this one actually hasn't rolled over that much

Right, but it would require more than 2.43 billion tickets to be sold....a lambda value more than 8 (which represents the number of expected winners by this roll). We would be in the 99.98th percentile. Fine to dream about but not likely

If the jackpot is not claimed then the funds are returned to the states, divvied based on their contribution to the pot.

HoLeeKau's avatarHoLeeKau

Quote: Originally posted by Gleno on Jan 10, 2016

One question:  what would happen if one person won and did not claim the prize, let's say they lost the ticket or died? 

Would each state keep their share of the Jackpot  be based on the number of tickets each state sold?

Just asking...

If it's not claimed it's most likely a newbie who bought it past the cut-off time for last night's drawing and threw it away thinking it was a loser.  That would be sad!  I've never heard of the lottery putting it back in the pot or giving players any bonuses.  They usually just absorb it into the state budget for other crap.

savagegoose's avatarsavagegoose

dont worry just live like a prince instead of a king for a few years , you'll end up with $1 bill cash

Suzy-Dittlenose

Quote: Originally posted by Bleudog101 on Jan 10, 2016

When I visit Stateline, Nevada always walk down the street to play lottery in California. They have no self service machines were I go.

Yesterday they showed that Primm, CA Lotto store with a three hour wait to get their tickets. 

In the background you could see a row of self service lottery machines with a bunch of scratchers.  My question for someone in California do the self service machines allow you to play MM & PB??  Not a soul was @ any of them.  Just curious, every other state I've played with those machines are multi-functional.

 

I'd sure hate to be a clerk @ that store!!

Yes, they do.  I often buy my tickets at the Safeway grocery store in my area.  They have machines for scratchers, Powerball, MegaMillion, and SuperLotto.  You buy them yourself without the assistance of a clerk.  Railey's is another grocery store that also has the machines.

Suzy-Dittlenose

Quote: Originally posted by Gleno on Jan 10, 2016

One question:  what would happen if one person won and did not claim the prize, let's say they lost the ticket or died? 

Would each state keep their share of the Jackpot  be based on the number of tickets each state sold?

Just asking...

They'd probably bury it in Area 51 with the UFOsLOL

maximumfun's avatarmaximumfun

so the pb was 13 - and now the jackpot is up to 1.3B - and the next draw is on the 13th.  So... maybe PB is trying to tell us that there will be a winner (or maybe 13?) on the Wednesday 13th?

Nodda4me's avatarNodda4me

Quote: Originally posted by maximumfun on Jan 10, 2016

so the pb was 13 - and now the jackpot is up to 1.3B - and the next draw is on the 13th.  So... maybe PB is trying to tell us that there will be a winner (or maybe 13?) on the Wednesday 13th?

or the world is going to get hit by the sun and moon and explode, resulting in the death of everything on this planet (including the 1.3B)

jacintasc

Quote: Originally posted by Nodda4me on Jan 10, 2016

or the world is going to get hit by the sun and moon and explode, resulting in the death of everything on this planet (including the 1.3B)

Green laugh

Nodda4me's avatarNodda4me
  • The Last Supper: At Jesus Christ's last supper, there were thirteen people around the table, counting Christ and the twelve apostles. Some believe this is unlucky because one of those thirteen, Judas Iscariot, was the betrayer of Jesus Christ.
OneTrickpony's avatarOneTrickpony

Please excuse my ignorance, but I have a question about taxes that are 'held' by states.  I don't know where else to post this question, so I am just going to ask it here.  It is my understanding that the taxes held are 25% for Federal taxes and what ever your states income tax rate is, if there are state income taxes.  Now, if I live in Florida, which has no state income taxes, but I bought the ticket in Georgia, which does have state income taxes, and a miracle happens and I win the Jackpot, will Georgia hold 6% of my winnings?  If so, and I am not a resident of Georgia, how can they hold 6% of my prize?  Can Georgia (or any state that taxes lottery winnings) say that they are entitled to part of the winnings just because I bought a ticket there?  Wouldn't that actually be a sort of "Windfall" tax and not an "Income" tax?

jacintasc

Quote: Originally posted by OneTrickpony on Jan 10, 2016

Please excuse my ignorance, but I have a question about taxes that are 'held' by states.  I don't know where else to post this question, so I am just going to ask it here.  It is my understanding that the taxes held are 25% for Federal taxes and what ever your states income tax rate is, if there are state income taxes.  Now, if I live in Florida, which has no state income taxes, but I bought the ticket in Georgia, which does have state income taxes, and a miracle happens and I win the Jackpot, will Georgia hold 6% of my winnings?  If so, and I am not a resident of Georgia, how can they hold 6% of my prize?  Can Georgia (or any state that taxes lottery winnings) say that they are entitled to part of the winnings just because I bought a ticket there?  Wouldn't that actually be a sort of "Windfall" tax and not an "Income" tax?

yep, where you BOUGHT it not where you live. So you better buy that Florida ticket

AbsolutelyFun

sonnet said, "......Isn't this the embodiment of capitalism?    We should be so lucky to enjoy this air of freedom to dream about money..."

 

YES!  The real lottery that many have already won is just living in this great country!

Nodda4me's avatarNodda4me

Quote: Originally posted by OneTrickpony on Jan 10, 2016

Please excuse my ignorance, but I have a question about taxes that are 'held' by states.  I don't know where else to post this question, so I am just going to ask it here.  It is my understanding that the taxes held are 25% for Federal taxes and what ever your states income tax rate is, if there are state income taxes.  Now, if I live in Florida, which has no state income taxes, but I bought the ticket in Georgia, which does have state income taxes, and a miracle happens and I win the Jackpot, will Georgia hold 6% of my winnings?  If so, and I am not a resident of Georgia, how can they hold 6% of my prize?  Can Georgia (or any state that taxes lottery winnings) say that they are entitled to part of the winnings just because I bought a ticket there?  Wouldn't that actually be a sort of "Windfall" tax and not an "Income" tax?

yes if you live in FL but you buy the ticket in GA you have to redeem it in GA which includes all of GA taxes

AbsolutelyFun

Quote: Originally posted by OneTrickpony on Jan 10, 2016

Please excuse my ignorance, but I have a question about taxes that are 'held' by states.  I don't know where else to post this question, so I am just going to ask it here.  It is my understanding that the taxes held are 25% for Federal taxes and what ever your states income tax rate is, if there are state income taxes.  Now, if I live in Florida, which has no state income taxes, but I bought the ticket in Georgia, which does have state income taxes, and a miracle happens and I win the Jackpot, will Georgia hold 6% of my winnings?  If so, and I am not a resident of Georgia, how can they hold 6% of my prize?  Can Georgia (or any state that taxes lottery winnings) say that they are entitled to part of the winnings just because I bought a ticket there?  Wouldn't that actually be a sort of "Windfall" tax and not an "Income" tax?

Yeah you will be subject to paying 6% (GA Lottery Tax) of the Cash Option should you be lucky enough to hit it.

 

So if you're the sole winner of the $806 Cash Option then you will hand over a massive $48,360,000 to the State Of Georgia.

 

Assuming you knew for sure you were going to win all by yourself then it's well worth catching a plane back to your home state to save yourself a small fortune. 

Heck even if you have to split that with another winner you'd still owe over $24 Million to GA.  I'd go with the "fly home" option if you're feeling like you're going to beat those 292,000,000 to 1 odds.

jacintasc

Lots of people over the age of 80 have won the lottery in the past.

Candy-Lane's avatarCandy-Lane

Quote: Originally posted by lejardin on Jan 10, 2016

Time for me to eat my words.  I said no way would Powerball ever get to a billion.

I was wr .....  wrrr.... wroo...... wro.....wronnn...... I was WRONG.  That was harder than I thought lol.

I am also very surprised, as I guess most are that it was not won last nite.  Gives us all another chance.  Ok, on to dreaming of what I will do with this tremendous amount of money.

Good Luck everybody.

Oh, lejardin! You are sooo funny!

I had the feeling all week that the Jackpot was going to reach $1Billion! However, by the time of the drawing, I began to feel a bit foolish. Everyone kept saying how it would not rollover and, that there would be multiple winners.

I crashed at Todd's place (I hung out on Lottery Post), until Todd gave the official word that there were no winners in last night's drawing and, that the estimated annuity Jackpot is now at $1.3 Billion!

DARE TO DREAM!

Good Luck!

AbsolutelyFun

Quote: Originally posted by jacintasc on Jan 10, 2016

what does the jackpot need to be for a cash payout of 1 billion after tax? and how many rolls?

Want to take home One Billion dollars cash? The Cash Option sans taxes. (no, not the Annuity)

Well first you need to make the following assumptions:

You must pay 39.6% to the IRS as Federal Tax

You must pay taxes in your individual state if applicable. Lets go with the highest in the country according to LP which is 8.82% so we will calculate by that (thanks New York)

And lastly we will assume the most recent Cash Option percentage which is $806 million divided by the jackpot $1.3 Billion which is 62%.

You would need the jackpot to rollover to $3,126,993,459 and of course be the sole winner.

Your Cash Option would be $1,938,735,945 (the 62%)

and you will pay $767,739,434 in Federal Taxes and (the 39.6%)

assuming you're in New York you will pay the State of New York, $170,996,510 (the 8.82%)

leaving you the nice chunk of change of $1,000,000,000 also known as One Billion Dollars......Crazy mind boggling.

jacintasc

Quote: Originally posted by AbsolutelyFun on Jan 10, 2016

Want to take home One Billion dollars cash? The Cash Option sans taxes. (no, not the Annuity)

Well first you need to make the following assumptions:

You must pay 39.6% to the IRS as Federal Tax

You must pay taxes in your individual state if applicable. Lets go with the highest in the country according to LP which is 8.82% so we will calculate by that (thanks New York)

And lastly we will assume the most recent Cash Option percentage which is $806 million divided by the jackpot $1.3 Billion which is 62%.

You would need the jackpot to rollover to $3,126,993,459 and of course be the sole winner.

Your Cash Option would be $1,938,735,945 (the 62%)

and you will pay $767,739,434 in Federal Taxes and (the 39.6%)

assuming you're in New York you will pay the State of New York, $170,996,510 (the 8.82%)

leaving you the nice chunk of change of $1,000,000,000 also known as One Billion Dollars......Crazy mind boggling.

totally possible!Hyper

mightwin's avatarmightwin

Quote: Originally posted by OneTrickpony on Jan 10, 2016

Please excuse my ignorance, but I have a question about taxes that are 'held' by states.  I don't know where else to post this question, so I am just going to ask it here.  It is my understanding that the taxes held are 25% for Federal taxes and what ever your states income tax rate is, if there are state income taxes.  Now, if I live in Florida, which has no state income taxes, but I bought the ticket in Georgia, which does have state income taxes, and a miracle happens and I win the Jackpot, will Georgia hold 6% of my winnings?  If so, and I am not a resident of Georgia, how can they hold 6% of my prize?  Can Georgia (or any state that taxes lottery winnings) say that they are entitled to part of the winnings just because I bought a ticket there?  Wouldn't that actually be a sort of "Windfall" tax and not an "Income" tax?

Some states have reciprocity agreements with each other with regards to taxes, where as if you work in one state and live in another you'll get a credit for taxes paid to another state. Not sure if George and Florida have that being Florida has no income tax, but wherever you buy the ticket that states going to withhold the taxes because its income earned in that state. And if I buy the tickets in Florida with no income tax my home state is going to want a piece of it because it earned income.

THRIFTY's avatarTHRIFTY

19-21-30-61-64 + 14
09-20-28-47-56 + 20
02-16-28-31-42 + 23
20-28-29-40-51 + 07
18-27-38-39-42 + 21
13-24-55-60-66 + 09
02-31-43-57-62 + 18
18-21-33-35-58 + 05
05-41-53-54-61 + 11
12-29-36-51-64 + 14
10-59-62-65-69 + 04
11-20-32-37-50 + 12
04-09-34-61-63 + 21
12-26-34-44-62 + 10
31-50-55-59-62 + 16
04-13-23-62-68 + 06
01-22-46-58-61 + 06
04-22-42-47-67 + 11
19-24-30-33-67 + 09
21-25-56-60-68 + 05
07-36-55-60-65 + 11
04-15-45-56-67 + 18
14-33-35-44-65 + 13
07-14-21-33-37 + 22
21-22-61-65-68 + 22
07-11-30-33-48 + 21
24-32-35-50-55 + 16
34-38-57-64-65 + 01
16-26-45-52-53 + 01
20-27-51-67-69 + 10
05-19-30-35-62 + 26
23-27-51-62-63 + 21
16-50-51-67-69 + 18
42-43-52-56-66 + 12
04-22-53-62-69 + 10
04-10-19-24-56 + 17
02-33-55-60-66 + 26
07-12-13-51-64 + 20
05-30-35-36-58 + 17
02-03-13-52-56 + 19
19-22-35-41-56 + 09
05-07-19-24-35 + 11
03-16-62-68-69 + 11
18-25-27-38-69 + 07
35-48-53-58-63 + 08
03-10-17-50-53 + 14
20-39-51-54-64 + 02
33-37-48-51-63 + 15
08-28-41-68-69 + 02
08-17-21-25-54 + 22

 

GOOD LUCK EVERYBODY 

Groppo's avatarGroppo

Quote: Originally posted by THRIFTY on Jan 10, 2016

19-21-30-61-64 + 14
09-20-28-47-56 + 20
02-16-28-31-42 + 23
20-28-29-40-51 + 07
18-27-38-39-42 + 21
13-24-55-60-66 + 09
02-31-43-57-62 + 18
18-21-33-35-58 + 05
05-41-53-54-61 + 11
12-29-36-51-64 + 14
10-59-62-65-69 + 04
11-20-32-37-50 + 12
04-09-34-61-63 + 21
12-26-34-44-62 + 10
31-50-55-59-62 + 16
04-13-23-62-68 + 06
01-22-46-58-61 + 06
04-22-42-47-67 + 11
19-24-30-33-67 + 09
21-25-56-60-68 + 05
07-36-55-60-65 + 11
04-15-45-56-67 + 18
14-33-35-44-65 + 13
07-14-21-33-37 + 22
21-22-61-65-68 + 22
07-11-30-33-48 + 21
24-32-35-50-55 + 16
34-38-57-64-65 + 01
16-26-45-52-53 + 01
20-27-51-67-69 + 10
05-19-30-35-62 + 26
23-27-51-62-63 + 21
16-50-51-67-69 + 18
42-43-52-56-66 + 12
04-22-53-62-69 + 10
04-10-19-24-56 + 17
02-33-55-60-66 + 26
07-12-13-51-64 + 20
05-30-35-36-58 + 17
02-03-13-52-56 + 19
19-22-35-41-56 + 09
05-07-19-24-35 + 11
03-16-62-68-69 + 11
18-25-27-38-69 + 07
35-48-53-58-63 + 08
03-10-17-50-53 + 14
20-39-51-54-64 + 02
33-37-48-51-63 + 15
08-28-41-68-69 + 02
08-17-21-25-54 + 22

 

GOOD LUCK EVERYBODY 

Mr./Ms. Thrifty,

Are those all the numbers you played for this Wednesday?

Mr. Groppo

Groppo's avatarGroppo

Quote: Originally posted by maximumfun on Jan 10, 2016

so the pb was 13 - and now the jackpot is up to 1.3B - and the next draw is on the 13th.  So... maybe PB is trying to tell us that there will be a winner (or maybe 13?) on the Wednesday 13th?

Good observation, Mr./Ms. Maximumfun,

I shall keep that in mind.

Groppo's avatarGroppo

Quote: Originally posted by alexnt55 on Jan 10, 2016

I do not think they will sale enough tickets by WED to get the annuity up to 2 billion. For it to get that high it would need a cash value of around 1.24 billion. The cash value ended up being about 589 million last night and they had total sales for last nights drawing ending up around 880 million. My math may be wrong here but for the cash value to increase 635 million i think it would take 2 billion in ticket sales for this to happen. I know ticket sales will be very high but do not think they will total 2 billion. I am guessing some people who spent way more then they should have might be unable to spend what they did the last 3 days.

Yes, and that's sad.
Just thinking about what people may have done, which will negatively affect their credit scores.

TO ALL SUCH FOLKS OUT THERE:

Please, relax. If you've spent too much, just relax for a day or two.  It will blow over.

Do NOT allow the Satanic idea of suicide to overwhelm you.
Is your life not worth more than a measly billion dollars?

maximumfun's avatarmaximumfun

Quote: Originally posted by mightwin on Jan 10, 2016

Some states have reciprocity agreements with each other with regards to taxes, where as if you work in one state and live in another you'll get a credit for taxes paid to another state. Not sure if George and Florida have that being Florida has no income tax, but wherever you buy the ticket that states going to withhold the taxes because its income earned in that state. And if I buy the tickets in Florida with no income tax my home state is going to want a piece of it because it earned income.

ok now that would seriously stink.  buying a ticket not in home state whilst on vaca in say - Hawaii  - then flying home - finding out I won in Little Rhodie - AND that there was no reciprocity between Hawaii & RI so I would end up paying state taxes in BOTH states - couple that with the horror of falling pray to the Pease Limitation (if it is still in affect for 2016) and having my accountant basically tell me that my itemized deductions dont count (or only count 20% of every dollar of itemized deduction).

Yes - I would still be thrilled with my win.  Yes - it would still be way MORE than I could ever hope to earn in the balance of my lifetime.  and YES - I would be "tax-saddened".

myturn's avatarmyturn

Some states,such as Nevada, don’t have lotteries, which leads to strange scenes of people who drive miles and queue up to buy tickets.


Nevadans Rush The California Border


Elizabeth Watson woke up Friday feeling lucky, and good thing. The Las Vegan and her daughter Sandy Love planned to drive from Las Vegas to the Primm Valley Lotto Store, in neighboring California, for a shot at the record Powerball jackpot

 


I like the Massachusetts lottery, the revenue raised is distributed to local governments and they can spend it as they wish. It is also the only US lottery that offers subscriptions throughout the United States, including in the six states that don’t have state lotteries. If you live in the US, check them out.

Coin Toss's avatarCoin Toss

Quote: Originally posted by maximumfun on Jan 10, 2016

so the pb was 13 - and now the jackpot is up to 1.3B - and the next draw is on the 13th.  So... maybe PB is trying to tell us that there will be a winner (or maybe 13?) on the Wednesday 13th?

Maybe 13 winners!

Lep

AbsolutelyFun

Quote: Originally posted by maximumfun on Jan 10, 2016

so the pb was 13 - and now the jackpot is up to 1.3B - and the next draw is on the 13th.  So... maybe PB is trying to tell us that there will be a winner (or maybe 13?) on the Wednesday 13th?

Hold up Max, we can't even get 1 winner much worse 13. LOL

Groppo's avatarGroppo

Quote: Originally posted by Romancandle on Jan 10, 2016

Thursday is going to be a tough day back to work for 99.9999999% of us.

Stratospheric for just a one or a few...

We'll at least have MM jackpot of 20MM to look forward to on Friday LOL

Yes, and I for one, as I've stated, would be more than happy with winning just a portion of the MM jackpot.

Just one million samolians.

Just one million leaves.

Just one million Pesos.   ( a peso is a dollar, right?)

Just one million Washingtons.

BR3TT722

Can't quit reading these comments. I'm ready to win this! Good luck guys!

Groppo's avatarGroppo

Quote: Originally posted by GYM RICE on Jan 10, 2016

Thank your lucky stars that the top tax rate is just under 40% Federally. If a guy like Bernie Sanders became President, he'd try to move that rate as close to 90% as possible. That's one of the reasons you take the cash option. America is almost at 20 Trillion in debt. The future for America will be higher taxes...

GYM RICE,

I thought that taking the annuity saved one from excess taxes.

If you wouldn't mind, please explain the way you see it,
so a 5 year old can understand it.

jacintasc

Quote: Originally posted by BR3TT722 on Jan 10, 2016

Can't quit reading these comments. I'm ready to win this! Good luck guys!

It will roll!Dance

Groppo's avatarGroppo

Quote: Originally posted by lakerben on Jan 10, 2016

This is why they changed the format. Money!  Record sales!

Yes, but who wants to see this, every doggone draw?
Better to go backwards with it, back to the time, when having 1 million was worth it.

BR3TT722

If I'm a resident of a state with state tax but I buy my tickets in a tax free state do I still have to pay my state taxes?

jacintasc

Quote: Originally posted by Groppo on Jan 10, 2016

Yes, but who wants to see this, every doggone draw?
Better to go backwards with it, back to the time, when having 1 million was worth it.

I vote for Mega Billions!Drum

jacintasc

Quote: Originally posted by jacintasc on Jan 10, 2016

I vote for Mega Billions!Drum

Or Bountiful Billions is a better nameRazz

Groppo's avatarGroppo

Quote: Originally posted by BR3TT722 on Jan 10, 2016

If I'm a resident of a state with state tax but I buy my tickets in a tax free state do I still have to pay my state taxes?

The thing to do, as I understand it, is to move to the no-lotto-tax state, where you purchased.


Remember after you get and apartment (or whatever), to get your license, BANK ACCOUNT, credit cards need to be moved over.

You will not need to stay where you are,  you will want to move, to lighten the tax burden "as much as possible".

I am in the same situation. I first learned of the no tax state, where buy from, not too long ago.  But, when I did the math, and saw what my state was getting, in the event of a win. I said "NO WAY".

After this win, I'm thinking you'll see a bunch of states making changes.

AbsolutelyFun

Quote: Originally posted by BR3TT722 on Jan 10, 2016

If I'm a resident of a state with state tax but I buy my tickets in a tax free state do I still have to pay my state taxes?

You pay the state where you bought the tickets at.  Someone who posted a bit earlier (like within 1 or 2 pages before) posted that some states have tax agreements.  I am not sure how that works exactly but it seems to exist from what the person posted. 

But in general, you pay the state taxes in the state that you bought the tickets at because that is where you have to go to claim the jackpot assuming you haven't won smaller prizes.   Of course if you're claiming large sums of money then you need to go to the state's lottery headquarters to claim your prize.  For each state you simply go to their respective State Lottery Webpage and they have the rules written there OR they have the phone number you can call to get your questions answered.  Hope that helps.

Arrowhead's avatarArrowhead

ANNUITY

AbsolutelyFun

Quote: Originally posted by Groppo on Jan 10, 2016

The thing to do, as I understand it, is to move to the no-lotto-tax state, where you purchased.


Remember after you get and apartment (or whatever), to get your license, BANK ACCOUNT, credit cards need to be moved over.

You will not need to stay where you are,  you will want to move, to lighten the tax burden "as much as possible".

I am in the same situation. I first learned of the no tax state, where buy from, not too long ago.  But, when I did the math, and saw what my state was getting, in the event of a win. I said "NO WAY".

After this win, I'm thinking you'll see a bunch of states making changes.

Is this even possible? I mean once you win and assuming you have friends and family who know you and that you've won then I would think that someone (maybe a not so good friend or a jealous relative) may call the lottery and let them know you moved after the jackpot was hit.  Besides the lottery will require identification and I am thinking that they will check as to when say for example your drivers license expires and knowing how long they issue licenses for they can back up the expiration date and realize that you got that license after the winning date.  I think you get the gist of what I'm asking, right?  I am thinking that if someone rats you out or they figure it out while you're claiming that the state you abandoned just to save the state taxes will have grounds to sue you for the taxes you avoided.  I believe (and I'm no lawyer) but tax avoidance is illegal.  So I believe you are risking going to jail not to mention the tax fines you would have to endure on top of having to pay the tax anyways.....not really worth it ya think?

 

After all, I am thinking that the officials out there who work for the government whether county,state or federal don't really have very much leniency for a Powerball winner....right? I don't mean to say it's a bad idea but it's creative shall we say?

realtorjim

Quote: Originally posted by Groppo on Jan 10, 2016

Yes, and I for one, as I've stated, would be more than happy with winning just a portion of the MM jackpot.

Just one million samolians.

Just one million leaves.

Just one million Pesos.   ( a peso is a dollar, right?)

Just one million Washingtons.

The current value of a peso is approximately .056 cents (17.93 pesos equal a dollar).

mike1yogi

Unless you are already rich & famous, you have absolutely NO idea what it would be like to be the winner of something like this, probably esp. if sole winner...don't kid yourself, it would be far, FAR beyond what you could imagine!

And I am not talking positives here in case you misunderstand lol :)

You would have no private life, be followed, spied on, made a target....really, MUCH more than this, so while I can dream of all the good things I could do - give $500 million towards worthy causes, etc, and stll have many millions for family and self... I know it would be unlike ANYTHING most of us can even conceive.

Don't fool yourself that you think you could handle it......maybe in an anon state, you stay hidden.....so, hmmm, should I play?, not sure (even tho I am very, very, very, VERY unlikely to have to deal with this, someone will have to.

realtorjim

Quote: Originally posted by AbsolutelyFun on Jan 10, 2016

Is this even possible? I mean once you win and assuming you have friends and family who know you and that you've won then I would think that someone (maybe a not so good friend or a jealous relative) may call the lottery and let them know you moved after the jackpot was hit.  Besides the lottery will require identification and I am thinking that they will check as to when say for example your drivers license expires and knowing how long they issue licenses for they can back up the expiration date and realize that you got that license after the winning date.  I think you get the gist of what I'm asking, right?  I am thinking that if someone rats you out or they figure it out while you're claiming that the state you abandoned just to save the state taxes will have grounds to sue you for the taxes you avoided.  I believe (and I'm no lawyer) but tax avoidance is illegal.  So I believe you are risking going to jail not to mention the tax fines you would have to endure on top of having to pay the tax anyways.....not really worth it ya think?

 

After all, I am thinking that the officials out there who work for the government whether county,state or federal don't really have very much leniency for a Powerball winner....right? I don't mean to say it's a bad idea but it's creative shall we say?

You are spot on AbsolutelyFun, but some still seem to think they can move AFTER the draw but BEFORE the claim and thereby escape the state tax.  Wouldn't it be nice if it worked that way.  You can be assured, especially on the current jackpot amount, the taxmen, federal AND state, are going to make sure of your established residence at the time of the draw.

AbsolutelyFun

Quote: Originally posted by realtorjim on Jan 10, 2016

You are spot on AbsolutelyFun, but some still seem to think they can move AFTER the draw but BEFORE the claim and thereby escape the state tax.  Wouldn't it be nice if it worked that way.  You can be assured, especially on the current jackpot amount, the taxmen, federal AND state, are going to make sure of your established residence at the time of the draw.

SmileThanks,much appreciated realtorjim!Cool

One-Day

Quote: Originally posted by Arrowhead on Jan 10, 2016

ANNUITY

ALL THE WAY!

realtorjim

Quote: Originally posted by Arrowhead on Jan 10, 2016

ANNUITY

Just curious why you would choose annuity?  It's a personal choice of course.  With the current PB jackpot each annuity payment will still cap out at the maximum income tax rate, thus why not maximize the current 39.6%  rate currently in place (historically at a low) and not be subjected to a higher rate that will likely occur within the 29 year payout (1st immediate payment counts as year one).  Also, one must consider the taxes placed upon the entirety of the annuity value if one would die before it is paid out; taxes avoided if the cash value option is chosen.

maximumfun's avatarmaximumfun

Quote: Originally posted by realtorjim on Jan 10, 2016

Just curious why you would choose annuity?  It's a personal choice of course.  With the current PB jackpot each annuity payment will still cap out at the maximum income tax rate, thus why not maximize the current 39.6%  rate currently in place (historically at a low) and not be subjected to a higher rate that will likely occur within the 29 year payout (1st immediate payment counts as year one).  Also, one must consider the taxes placed upon the entirety of the annuity value if one would die before it is paid out; taxes avoided if the cash value option is chosen.

yes!  I had gone back and forth re:  annuity (although my choice really did not matter as dh yells "CASH" in the background) - and the current low tax rate is what pushed me over (ok dh pushed me over ... just dont tell him).

JAMORA's avatarJAMORA

The jackpot is misleading as it doesn't exist beyond the $806 million cash payout....the remainder of the so-called $1.3 billion doesn't exist yet...if you take the annuity, they hold the majority of the existing cash prize and pay you interest on it over 30 years....might as well get the cash payout and invest it yourself...

AbsolutelyFun

Quote: Originally posted by realtorjim on Jan 10, 2016

Just curious why you would choose annuity?  It's a personal choice of course.  With the current PB jackpot each annuity payment will still cap out at the maximum income tax rate, thus why not maximize the current 39.6%  rate currently in place (historically at a low) and not be subjected to a higher rate that will likely occur within the 29 year payout (1st immediate payment counts as year one).  Also, one must consider the taxes placed upon the entirety of the annuity value if one would die before it is paid out; taxes avoided if the cash value option is chosen.

Yeah I've read so many very, very astute people's comments regarding taking the annuity and the downsides definitely outweigh the upsides.  Pretty much a no brainer now that everyone has both commented on LP and all over the internet as to the pitfalls of going with the annuity. 

 

Seems the most popular argument FOR the annuity is that a winner will not be able to burn through all their cash which is totally WRONG!

I present good old Bud Post (May he rest in peace) who before winning was living on $340 Social Security a month then he won the $16.2 Million the Pennsylvania State Lottery and went crazy spending money and was already in debt by the end of the first year after winning.  Add to that he was sued by his friend/occasional girlfriend for not splitting the jackpot with her and he loss in court having to give her one third of future payments. Long story short, he ended up selling some of his future annuities to one of those companies that will give you a lump sum of money.  He promptly burned through all of that then he sold the rest of his future annuities and got a million dollars which he again promptly burned through in no time at all. Google his story, makes for interesting reading.

"Just say no to the annuity."

lotterybraker's avatarlotterybraker

Quote: Originally posted by rcbbuckeye on Jan 10, 2016

QP have always outsold self picks. Personally I play QP sometimes, and sometimes I pick my numbers. Sometimes I use LP ' s RNG.

So I'm curious. If you are the only one on  the planet that can prove it's tampering, manipulation,and stealing, beyond any shadow of doubt, what's stopping you? If it's money, then you need to win PB or MM jackpot?

if I pursued this matter...the only thing you would be able to bet on would either be in Vegas or playing Bingo in Texas!!!!

realtorjim

Quote: Originally posted by lotterybraker on Jan 10, 2016

if I pursued this matter...the only thing you would be able to bet on would either be in Vegas or playing Bingo in Texas!!!!

I, for one, will take that bet!  If there is illegal activity within the lottery and you can prove it then you are obligated to do so... on behalf of every lottery player who is being cheated!  PURSUE IT!

Dreaming Gemini

Hello All!   I've been lurking here for awhile and figured there is no time better than the present to join.   I've been playing the same numbers in the lottery for 25 plus years now.   Since my powerball/mega ball was 29, I recently had to change the numbers a little to accommodate the new formats.  Never hit anything higher than 3 numbers after all of these years.... so I'm due!

I was wondering if it's possible to do what I want to do if I won.   I would want to have a trust claim the ticket with at least 100 people being part of the trust claiming the cash payout.  Some receiving more than others.... me obviously receiving the most.   Of course I would meet with an attorney and CPA prior to any of this, but my question to you is if this is possible?   That way many people can reap the benefits without the gift tax kicking in.  Just curious on your thoughts since many of you have been dreaming of winning the lottery for a long time as well.

LottoLucy's avatarLottoLucy

For anyone thinking of taking the annuity I highly recommend the book:

Money for Nothing: One Man's Journey through the Dark Side of Lottery Millions By Edward Ugel

For about 10 years he worked for one of those companies that bought annuities from lottery winners.  The book has some funny moments but it overall made me sick and sad to see how these people were hounded.  The reason I recommend it, though, is so people can get a sense of what the people who have annuities face and why they decided to sell their annuities.  I don't think that there is one right solution for everyone but in making such an important decision I always find it helpful to hear/read about the experiences of those that have been there, done that.

My one big take away from the book...annuity, cash it doesn't matter.  Learn how to say NO to even those you love dearly.

Groppo's avatarGroppo

Quote: Originally posted by Dreaming Gemini on Jan 10, 2016

Hello All!   I've been lurking here for awhile and figured there is no time better than the present to join.   I've been playing the same numbers in the lottery for 25 plus years now.   Since my powerball/mega ball was 29, I recently had to change the numbers a little to accommodate the new formats.  Never hit anything higher than 3 numbers after all of these years.... so I'm due!

I was wondering if it's possible to do what I want to do if I won.   I would want to have a trust claim the ticket with at least 100 people being part of the trust claiming the cash payout.  Some receiving more than others.... me obviously receiving the most.   Of course I would meet with an attorney and CPA prior to any of this, but my question to you is if this is possible?   That way many people can reap the benefits without the gift tax kicking in.  Just curious on your thoughts since many of you have been dreaming of winning the lottery for a long time as well.

I'd first have to know how the attorney and CPA are going to charge me? 

Is it assumed that they know I've won any part of the Billion dollar jp, and base their fee on that? 

Will I know ahead of time? 

Will I be sued right off the bat, somehow?  Should I wait until then, to get a lawyer?

Or will I be subject to the surprise they'll (the att. and the cpa) spring on me?

realtorjim

Quote: Originally posted by Dreaming Gemini on Jan 10, 2016

Hello All!   I've been lurking here for awhile and figured there is no time better than the present to join.   I've been playing the same numbers in the lottery for 25 plus years now.   Since my powerball/mega ball was 29, I recently had to change the numbers a little to accommodate the new formats.  Never hit anything higher than 3 numbers after all of these years.... so I'm due!

I was wondering if it's possible to do what I want to do if I won.   I would want to have a trust claim the ticket with at least 100 people being part of the trust claiming the cash payout.  Some receiving more than others.... me obviously receiving the most.   Of course I would meet with an attorney and CPA prior to any of this, but my question to you is if this is possible?   That way many people can reap the benefits without the gift tax kicking in.  Just curious on your thoughts since many of you have been dreaming of winning the lottery for a long time as well.

It is my belief that if you make gifts or donations out of the trust, the trust may not be responsible for gift taxes, but you as the grantor of the trust would be responsible for filing a gift tax return with the IRS.  Of course run this by your tax professional as my comments are for entertainment purposes only.

Spiritualist

No upgrade from the 1.3 billion? 

 

I guess nobody's buying tickets anymore. The buying frenzy is over! LOL

Groppo's avatarGroppo

Quote: Originally posted by realtorjim on Jan 10, 2016

It is my belief that if you make gifts or donations out of the trust, the trust may not be responsible for gift taxes, but you as the grantor of the trust would be responsible for filing a gift tax return with the IRS.  Of course run this by your tax professional as my comments are for entertainment purposes only.

Does the $13K per offspring Gift tax apply to anyone?

Or is it just if Mom and Pop , while still alive, want to give some money out to their kids,
no more than $13K or whatever it is, to each kid, per year?

But yes, that could be another can of worms, that your tax pro, may need to investigate, like an H/R Block Premium center.

LottoLucy's avatarLottoLucy

Quote: Originally posted by Dreaming Gemini on Jan 10, 2016

Hello All!   I've been lurking here for awhile and figured there is no time better than the present to join.   I've been playing the same numbers in the lottery for 25 plus years now.   Since my powerball/mega ball was 29, I recently had to change the numbers a little to accommodate the new formats.  Never hit anything higher than 3 numbers after all of these years.... so I'm due!

I was wondering if it's possible to do what I want to do if I won.   I would want to have a trust claim the ticket with at least 100 people being part of the trust claiming the cash payout.  Some receiving more than others.... me obviously receiving the most.   Of course I would meet with an attorney and CPA prior to any of this, but my question to you is if this is possible?   That way many people can reap the benefits without the gift tax kicking in.  Just curious on your thoughts since many of you have been dreaming of winning the lottery for a long time as well.

I think you would have to be able to prove to the IRS that you all previously agreed (before the drawing) to share the prize.  There have been a couple of cases where the IRS has gone after the purchaser of the ticket for gift tax when the prize was shared like that.  Of course, the best thing you can do is go to a good attorney before you turn in the ticket.

AbsolutelyFun

Quote: Originally posted by Groppo on Jan 10, 2016

Does the $13K per offspring Gift tax apply to anyone?

Or is it just if Mom and Pop , while still alive, want to give some money out to their kids,
no more than $13K or whatever it is, to each kid, per year?

But yes, that could be another can of worms, that your tax pro, may need to investigate, like an H/R Block Premium center.

Gift Tax Law is currently $14K per person per year.  So I can give anyone $14K to anyone once a year.  If I am married then my wife can give another $14K to the same person so the total per person is $28K per person per year assuming that my wife cooperates of course. LOL

AbsolutelyFun

Quote: Originally posted by LottoLucy on Jan 10, 2016

I think you would have to be able to prove to the IRS that you all previously agreed (before the drawing) to share the prize.  There have been a couple of cases where the IRS has gone after the purchaser of the ticket for gift tax when the prize was shared like that.  Of course, the best thing you can do is go to a good attorney before you turn in the ticket.

Yes LottoLucy I believe that is how they interpret the rules of the Lotto.

LottoLucy's avatarLottoLucy

Quote: Originally posted by Groppo on Jan 10, 2016

Does the $13K per offspring Gift tax apply to anyone?

Or is it just if Mom and Pop , while still alive, want to give some money out to their kids,
no more than $13K or whatever it is, to each kid, per year?

But yes, that could be another can of worms, that your tax pro, may need to investigate, like an H/R Block Premium center.

In 2016 the annual gift tax exclusion is $14,000 and you can give that to as many people as you like and to anyone you like.  No need to adopt anyone.Wink

Dreaming Gemini

Quote: Originally posted by LottoLucy on Jan 10, 2016

I think you would have to be able to prove to the IRS that you all previously agreed (before the drawing) to share the prize.  There have been a couple of cases where the IRS has gone after the purchaser of the ticket for gift tax when the prize was shared like that.  Of course, the best thing you can do is go to a good attorney before you turn in the ticket.

We'll tell the IRS that it was all done subliminally!

 

The gift tax is such a hunk of crud.   The money has already been taxed.

realtorjim

Quote: Originally posted by Groppo on Jan 10, 2016

Does the $13K per offspring Gift tax apply to anyone?

Or is it just if Mom and Pop , while still alive, want to give some money out to their kids,
no more than $13K or whatever it is, to each kid, per year?

But yes, that could be another can of worms, that your tax pro, may need to investigate, like an H/R Block Premium center.

You can give $14K to your offspring, your mom and pop, and to me!  Anyone you would like to.  13K was the old amount and changed in 2013, applicable through 2016.  AND your spouse, if applicable can also give the same amount to the same person you did, thus doubling the gift without the tax.  Remember though, these count toward your eventual estate tax exemption so keep track of them. 

 

Comments are for entertainment purposes only.  Consult a tax professional for your own circumstances.

realtorjim

Quote: Originally posted by Dreaming Gemini on Jan 10, 2016

We'll tell the IRS that it was all done subliminally!

 

The gift tax is such a hunk of crud.   The money has already been taxed.

"Hunk of crud" is an excellent way to described it.  I Agree!

sirbrad's avatarsirbrad

Quote: Originally posted by benmas on Jan 10, 2016

this is really stupid because no matter who wins the next jackpot, we now know that same thing can happen again. another long run to a big jackpot that takes peoples money just to make a few millionaires (or one single billionaire)..what is really the purpose of this isht... to make money for the lottery and the states that allow it...median individual income in us is $24,000..median household is $52,000..just dangle a billion dollar carrot jackpot and suckers will buy it at $2 a ticket. there is a sucker born every minute.

Yeah and there jackpot multi-millionaires made all the time. I will take my chances being a "sucker" then when I win I will be one happy sucker.

sirbrad's avatarsirbrad

Quote: Originally posted by Groppo on Jan 10, 2016

Come on 2nd prize.   1 million is all I need.

2nd Prize baby!  Yeah!

 

(what is my problem?  "2nd Prize" ?.  Get real. 2nd prize is only a million.
"yes, I know but . . . . . "
but nothing. when you go to get your tickets today, think big)

Do you REALLY want to miss the PB for a difference of about 1.5 Billion? Do you REALLY want to get that CLOSE on a historic jackpot for such a drastic difference in the pay out?  Do you REALLY want to be a hundred thousandaire instead of a billionaire? Ok...If you win I will take it all and send you a million tax free. LOL

MzDuffleBaglady's avatarMzDuffleBaglady

I have my ticket for the $1.3 Billion Jackpot.

 

Here we go!!!Party

kyokushin187's avatarkyokushin187

Not sure if it will roll much. Just seems kid of odd that out of all the tickets sold and combos that were played it was not hit Saturday. Just sayin. Fishy!!!

AbsolutelyFun

Quote: Originally posted by Dreaming Gemini on Jan 10, 2016

We'll tell the IRS that it was all done subliminally!

 

The gift tax is such a hunk of crud.   The money has already been taxed.

Huh? We got taxed more than once on the same money?  Say it isn't so!!!! Wink

Original Bey's avatarOriginal Bey

Quote: Originally posted by realtorjim on Jan 10, 2016

No lejardin, you are not spinning it properly.  What you meant when you said the Powerball would not ever get to a billion was the actual cash value, and you still stand by that projection... until it happens, then you spin it again and state you were referring to the after tax value!  This should cover you for quite some time, while remaining correct in your statement.

LOL love this spin

Murgatroyd

Quote: Originally posted by realtorjim on Jan 10, 2016

You can give $14K to your offspring, your mom and pop, and to me!  Anyone you would like to.  13K was the old amount and changed in 2013, applicable through 2016.  AND your spouse, if applicable can also give the same amount to the same person you did, thus doubling the gift without the tax.  Remember though, these count toward your eventual estate tax exemption so keep track of them. 

 

Comments are for entertainment purposes only.  Consult a tax professional for your own circumstances.

Remember though, these count toward your eventual estate tax exemption so keep track of them. 

As I understand it, gifts under 14K are truly exempt, with no limit. You can also give larger gifts tax-free, but only up to a lifetime limit which does count against your estate tax exemption. One thing you need to watch out for is that you can't receive anything of value in return, or it becomes a transaction rather than a gift. (For example, when Oprah gave cars to her audience, she got promotional value for her show, so they didn't count as gifts for tax purposes.)

I am not an expert. Strangers on the internet are not a suitable source for tax advice.

Murgatroyd

Quote: Originally posted by kyokushin187 on Jan 10, 2016

Not sure if it will roll much. Just seems kid of odd that out of all the tickets sold and combos that were played it was not hit Saturday. Just sayin. Fishy!!!

There was about a 22% chance of it happening, given the number of tickets sold.

Dreaming Gemini

Quote: Originally posted by AbsolutelyFun on Jan 10, 2016

Huh? We got taxed more than once on the same money?  Say it isn't so!!!! Wink

America.... love it or leave it.... well I'm not leaving, but I despise the gift and death tax.

Groppo's avatarGroppo

Quote: Originally posted by AbsolutelyFun on Jan 10, 2016

Huh? We got taxed more than once on the same money?  Say it isn't so!!!! Wink

But, if the money came from, say, a tax sheltered source, like a bank CD, and it is now distributed for any reason ?

I don't know many things, regarding tax requirements. I just know I want to do the right thing.

So, paying taxes, and avoiding the IRS radar that way is pretty high up on my priority list.

After reading many of the comments throughout this 25 or so page thread, which was 13 pages, before I left the house this morning, pretty much nailed the tax issue shut for my own peace of mind.

lejardin's avatarlejardin

Hi Candy-Lane:

You were more astute than I was lol.

Was reading comments about "tweeter"s saying no wins and didnt want to believe those twits lol  Thumbs Down

Then read you were hanging at Todd's waiting for the official word.  So I was following your posts but it was taking forever to get to the word.  I finally gave up and went to bed never thinking the twits would be correct.  Only heard on the news this morning there was no winner, what a shock.  So I did what any other billion dollar dreamer would do, I went and got a few tickets just to make sure I was a contender hahahaha.  Yea call me an idiot but I am in once again, dreaming of what, when and where.

Good luck all dreamers!  Hurray!...  tbc.....  Todd, we need some more and new emoticons.

realtorjim

Quote: Originally posted by kyokushin187 on Jan 10, 2016

Not sure if it will roll much. Just seems kid of odd that out of all the tickets sold and combos that were played it was not hit Saturday. Just sayin. Fishy!!!

Not fishy at all... just astronomically, ridiculously, looooooooooooooooooooooooooooooooooooooong odds!  They did not sell enough tickets to cover these odds.  Hence, a chance there was not a winner... and that is how it played out. No winner.

sirbrad's avatarsirbrad

I am surprised that TLC is not running a "Lottery Changed My Life" marathon now, ratings would be through the roof!

Kyle7824's avatarKyle7824

All those QP and no winner... Picking your own numbers is better

realtorjim

Quote: Originally posted by Murgatroyd on Jan 10, 2016

Remember though, these count toward your eventual estate tax exemption so keep track of them. 

As I understand it, gifts under 14K are truly exempt, with no limit. You can also give larger gifts tax-free, but only up to a lifetime limit which does count against your estate tax exemption. One thing you need to watch out for is that you can't receive anything of value in return, or it becomes a transaction rather than a gift. (For example, when Oprah gave cars to her audience, she got promotional value for her show, so they didn't count as gifts for tax purposes.)

I am not an expert. Strangers on the internet are not a suitable source for tax advice.

I meant to include 'taxable' gifts.  The words were in my head but not in my fingers.  Thanks.

Dreaming Gemini

Oh great.   Now I have to text 100 plus people in the next few days in order to provide a Happy Ending for the IRS.

Kyle7824's avatarKyle7824

If you are trying to under stand how much money this is...

Mark Cuban is worth 3 Bill he owns the Dallas Mavericks 

This is a boat load of bucks ...

Groppo's avatarGroppo

Quote: Originally posted by sirbrad on Jan 10, 2016

Do you REALLY want to miss the PB for a difference of about 1.5 Billion? Do you REALLY want to get that CLOSE on a historic jackpot for such a drastic difference in the pay out?  Do you REALLY want to be a hundred thousandaire instead of a billionaire? Ok...If you win I will take it all and send you a million tax free. LOL


Honestly, yes, I really would rather have prize #2.
I'd still be faced with unknown tax dealings and such, just not as much.


But, when I write a seemingly whacky post like that, try to examine what I wrote in quotations, in small font, at the end of the post (if any) It's sort of like a conversation between my emotions and logic.  I try to be zany. I'd like people to think/howl about that stuff.

realtorjim

Quote: Originally posted by Dreaming Gemini on Jan 10, 2016

Oh great.   Now I have to text 100 plus people in the next few days in order to provide a Happy Ending for the IRS.

Make sure you get an agreeable response from those 100 people!  LOL

realtorjim

Quote: Originally posted by Groppo on Jan 10, 2016


Honestly, yes, I really would rather have prize #2.
I'd still be faced with unknown tax dealings and such, just not as much.


But, when I write a seemingly whacky post like that, try to examine what I wrote in quotations, in small font, at the end of the post (if any) It's sort of like a conversation between my emotions and logic.  I try to be zany. I'd like people to think/howl about that stuff.

Ah, yes... The Divided Mind.

AbsolutelyFun

Quote: Originally posted by maximumfun on Jan 10, 2016

I got the following as "lottery advice" emailed me today from a friend:

If Wednesday night you find you are holding the winning ticket - (before anyone finds out) - immediately call everyone you know.  Tell them you have an emergency and need to borrow $500.  They will likely all ignore you.  This will come in handy in a few weeks when they find out you won and will do 2 things for you.

  1.  it will make it much harder for them to ask to borrow money from you &
  2.  it will tell you who your real friends are so you can share with those in the 2nd column.

Hey maximumfun, I got another interesting scenario, You call all your friends and then one of your friends says, "Yeah sure heck if you like I'll give you the $500 since I hit the Powerball tonight!"......(silence as you're in complete disbelief)

lejardin's avatarlejardin

Havent ready any comments about Ellen giving audience free tickets, doubt she will do that again.  Very nice gesture of her however.

RedStang's avatarRedStang

Quote: Originally posted by Kyle7824 on Jan 10, 2016

If you are trying to under stand how much money this is...

Mark Cuban is worth 3 Bill he owns the Dallas Mavericks 

This is a boat load of bucks ...

Even with all that money and we get buried in the same dirt. At least i can drink good beer where he can't. lol

sonnet's avatarsonnet

Okay, this sucker is in the game, again, for a second chance.   No need to sweat it anymore--just wait until Wednesday.  Hopefully, I'll remember where I kept the ticket when the results are drawn.

realtorjim

Quote: Originally posted by sonnet on Jan 10, 2016

Okay, this sucker is in the game, again, for a second chance.   No need to sweat it anymore--just wait until Wednesday.  Hopefully, I'll remember where I kept the ticket when the results are drawn.

It's under the mattress.   Bed

sonnet's avatarsonnet

Quote: Originally posted by realtorjim on Jan 10, 2016

It's under the mattress.   Bed

Hehe...Honestly, I didn't think of that hiding place.   I just usually leave them somewhere in the family room or in the car.  That is funny. 

Kyle7824's avatarKyle7824

Quote: Originally posted by sonnet on Jan 10, 2016

Okay, this sucker is in the game, again, for a second chance.   No need to sweat it anymore--just wait until Wednesday.  Hopefully, I'll remember where I kept the ticket when the results are drawn.

Yikes can see it now... "Where did I put my 1 Billion Dollar powerball ticket." 

 

I know it's somewhere...

yupyup79

Man, 1.3 billion would pay for a lot of visits with the local Dominatrix's in NH.  Just have to check with the wife on that one first.

sonnet's avatarsonnet

Quote: Originally posted by Kyle7824 on Jan 10, 2016

Yikes can see it now... "Where did I put my 1 Billion Dollar powerball ticket." 

 

I know it's somewhere...

You've nailed it and got it right on the ball...that is me!  Happens frequently with those p3 and p4 tickets that I purchase in advance, and then forget what I played or where they are residing.

sonnet's avatarsonnet

Quote: Originally posted by yupyup79 on Jan 10, 2016

Man, 1.3 billion would pay for a lot of visits with the local Dominatrix's in NH.  Just have to check with the wife on that one first.

To each their own!  That is too kinky a thought, but whatever floats your boat.  Just remember two words, Lamar Odom!  LOL

yupyup79

If you think that's kinky I'd probably show up to pick up my check at lotto HQ in full Drag.  Like Hollywood level quality.  I'm sure With that kinda of money I could fly in RuPaul's team to make me over so I'd be in a decent disguise and unrecognisable.

at least you'd have something to laugh at when the photo makes the news.

Reggie Numbers's avatarReggie Numbers

Can see my share of a $2,000,000,000,000 Jackpot...Thinking of...That will be nice!

TRUEBELIEVER's avatarTRUEBELIEVER

Hoe many people are going to different states to buy tickets.

 

also what state are you in and where you going

Reggie Numbers's avatarReggie Numbers

Chicago, IL...Will have at least one, if not, the only winning ticket!

golfer1960's avatargolfer1960

Quote: Originally posted by Kyle7824 on Jan 10, 2016

All those QP and no winner... Picking your own numbers is better

Sorry Kyle, no one who picked their own numbers won either. Unhappy

AbsolutelyFun

Quote: Originally posted by yupyup79 on Jan 10, 2016

If you think that's kinky I'd probably show up to pick up my check at lotto HQ in full Drag.  Like Hollywood level quality.  I'm sure With that kinda of money I could fly in RuPaul's team to make me over so I'd be in a decent disguise and unrecognisable.

at least you'd have something to laugh at when the photo makes the news.

Yeah and just imagine the look on the faces of the officials at the Lottery HQ when the check your I.D. and you are NOT in drag on the I.D.  Just change your name to Bruce Jenner!

KY Floyd's avatarKY Floyd

Quote: Originally posted by Romancandle on Jan 10, 2016

I think a better analogy would be if you went to pay for that .99 soft drink and they charged you $3 instead, saying "oh .99 was the price back in 1986"

An even better analogy would be buying a $0.99 drink that's advertised as being 30 ounces and finding out that you get one ounce now and another ounce every year for the next 29 years.

Of course they more or less get around that by
1. listing a cash value and/or
2.having a disclaimer about the 30 annuity payments somewhere in the fine print.
3. Saying it really is the full amount because all the annuity payments add up to that much.

Still, I've got no doubt that a private company advertising something that way would be sued by the state attorney general. We've all heard car ads that include all the disclaimers to cover the laws regarding  truth in lending.

KY Floyd's avatarKY Floyd

Quote: Originally posted by jacintasc on Jan 10, 2016

I'm certain Mega Millions will change their matrix now. Even with their most recent matrix change, MM never gets high enough.

The Wednesday night PB clearly set a new record by a wide margin in terms of the cash value and the advertised annuity, but MM still has two records that offer some insight into what's possible.

Through the Wednesday drawing PB sold a total of 956,583,464 tickets. The run leading to the MM record of $656 million (annuity) sold 1,491,082,270 tickets. That's 56% more tickets before producing a winner. Powerball needs to sell almost 535 million more tickets without a winner to beat that record. Also, that was done with odds of 1 in 175 million, compared to the current powerball odds of 1 in 292 million.   MM sold 8.5 times the odds to produce a winner. As of Wednesday PB has sold 3.3 times the odds. To reach 8.5 times the odds they'd need to sell another 1.525 billion tickets, reaching an advertised jackpot in excess of 2.8 billion (1.75 billion cash, and  potentially producing a legitimate after-tax billionaire).

The current PB jackpot is clearly extraordinary, but it's still well shy of what MM did 4 years ago, in terms of probability. MM is still a viable game if people want a chance for some pretty big prizes with odds that are somewhat better, and it's got the potential to occasionally  reach very high levels. Of course there are very few politicians who aren't interested in collecting as much revenue as possible as soon as they can, so maybe the current PB run will make the powers that be decide it's time to revamp MM.

KY Floyd's avatarKY Floyd

Quote: Originally posted by LottoMetro on Jan 10, 2016

Right, but it would require more than 2.43 billion tickets to be sold....a lambda value more than 8 (which represents the number of expected winners by this roll). We would be in the 99.98th percentile. Fine to dream about but not likely

If the jackpot is not claimed then the funds are returned to the states, divvied based on their contribution to the pot.

You're ignoring the fact that we're currently already more than 1/3 of the way there, and perhaps you're also forgetting that the odds of a roll on the drawing that brings it to (or past) $2.69 billion aren't part of the probability (though it certainly may affect the number of winners we finally get).

If sales for this drawing increase by just 5% we'll see a jump of $442 million and sales of 463 million tickets. Do it 2 more times and the jackpot will roll from $2.275 billion, and a comparatively modest bump of $415 million would bring it to $2.69 billion. Given the same cash ratio that would be $1.667.8 billion cash value. Paying 39.6% income tax across th board with no deductions, exemptions, or even breaks for lower brackets would leave you with $1 billion, plus about $7.3 million for pocket money.

If we do have sales of 463 million tickets for 3 consecutive drawings there will be a  20.5% chance of a rollover for each drawing. The probability of that is 0.86% or 1 in 116. Very unlikely, but still better than the chance of getting a box hit in pick 3.

If we get there in only 2 rollovers we'd need increases of $581 million (current 949>1.53 >2.111 >2.692). That would mean sales of 608 million tickets for each drawing. That would be a 12.48% chance of rolling for each drawing, so a 1.56% chance (1 in 64).

The best chance would be for a whopping increase for this and the next drawing. If we get a jump of 750 million we'd have sales of 785 million tickets and a 6.8% chance of rolling.  We'd then need a jump of $991 million to reach the 2.69 that has a potential net of $1 billion.

At some point I expect we'll run up against players' willingness and ability to spend money on tickets. I expect sales for this one to  easily surpass the last one, but at some point we run out of new players and the players who were  spending a lot will run out of money they're willing to spend. If sales level off or decrease it takes longer to get there and the chances go down.

sirbrad's avatarsirbrad

They also changed the matrix solely to produce billion dollar jackpots and expected it to happen by 2022. Looks like it came much earlier!

JAMORA's avatarJAMORA

It's really $806 million..the rest is an illusion based on the claimant allowing them to 'invest' it for them...

whiteballz's avatarwhiteballz

Cool

AbsolutelyFun

Quote: Originally posted by ohiopick3 on Jan 10, 2016

I am sure someone has posted something similar to this. But don't have time to read them all.

There was "One" Jackpot winner so far from the new matrix since October 2015.

These large Jackpots will be available possibly 3 to 5 times each year if they keep it this way.

Don't get too discouraged if you don't hit it big, there will be many more like this in 2016.

But good luck to all that are trying. Watch your wallet too! That is a very important thing nowadays.

Estimated 48% in taxes total for Ohio if you take the "Cash Value". That's okay with me though.

But, Remember there will be more chances down the road.

May I please ask how you got 48% taxes total in Ohio to take the Cash Value? 

I ask because I know that the Federal Tax is 39.6% and according to the USAMega website Ohio tax is 4% so I get 43.6% as the total tax for anyone who wins in Ohio. 

Please help me figure out where the rest is.  Thanks ahead of time.

mightwin's avatarmightwin

Quote: Originally posted by AbsolutelyFun on Jan 11, 2016

May I please ask how you got 48% taxes total in Ohio to take the Cash Value? 

I ask because I know that the Federal Tax is 39.6% and according to the USAMega website Ohio tax is 4% so I get 43.6% as the total tax for anyone who wins in Ohio. 

Please help me figure out where the rest is.  Thanks ahead of time.

Maybe they figured in local taxes?

OneTrickpony's avatarOneTrickpony

Quote: Originally posted by AbsolutelyFun on Jan 10, 2016

Yeah you will be subject to paying 6% (GA Lottery Tax) of the Cash Option should you be lucky enough to hit it.

 

So if you're the sole winner of the $806 Cash Option then you will hand over a massive $48,360,000 to the State Of Georgia.

 

Assuming you knew for sure you were going to win all by yourself then it's well worth catching a plane back to your home state to save yourself a small fortune. 

Heck even if you have to split that with another winner you'd still owe over $24 Million to GA.  I'd go with the "fly home" option if you're feeling like you're going to beat those 292,000,000 to 1 odds.

Thanks AbsolutelyFun, and everyone who replied.  Back 20-25 years ago I lived in New Jersey and worked in New York City and filed State tax returns for both.  Since they had a reciprocity agreement, my taxes were pretty much halfway between NJ & NY taxes, which was fair.  But this is an out-and-out smash and grab to me though.  I'll stick close to home from now on.

Bleudog101

Quote: Originally posted by TRUEBELIEVER on Jan 11, 2016

Hoe many people are going to different states to buy tickets.

 

also what state are you in and where you going

If no winner Thursday may venture up to Ohio just over 90 miles and or to Indiana 35 miles from KY.

Bleudog101

Quote: Originally posted by lejardin on Jan 10, 2016

Havent ready any comments about Ellen giving audience free tickets, doubt she will do that again.  Very nice gesture of her however.

Thanks for the reminder, going to Ellentube in a bit to see if it is on there.

jacintasc

Quote: Originally posted by Bleudog101 on Jan 11, 2016

Thanks for the reminder, going to Ellentube in a bit to see if it is on there.

I watch Ellen daily. And YES at the end of Friday's show 1/8/2016, she personally gave everyone 1 ticket

zephbe's avatarzephbe

Quote: Originally posted by frank0sport16 on Jan 10, 2016

Greetings ....

Given this latest development, I'd rather see the annuitized jackpot frozen at $ 900 million and let the excess be spread over the lower prizes. Of course, there are those who would not even dare think of touching that idea.

Even so, how would you feel if the 2nd prize was worth at least say $ 5,000,000. We'll imagine that at draw time its worth is $ 6,840,000. Assume your ticket is not shared with anybody, so you have the choice of a $ 4,240,800 cash option payout -OR- a fixed 30-year annuity that pays $ 228,000 annually. Tax considerations would naturally make choosing the 30-year annuity option the right call.

If you're really smart, not only would you take the 30-year annuity option, but you would be careful not to spend more than half of your approximate after-tax income of $ 139,000 each year. Do that, and by the end of the 30-year period you'll have saved enough to get you by for another 20-30 years.

Yes, it is a nice idea. Pity that few will see it as such.

Oh, BTW -- Now that Powerball has cracked the "Billions and Billions" of Dollars Barrier, where's Dr. Carl Sagan when we really need him?

Thanx-A-Lot, Please Play Responsibly and Best of Luck to all - Frank0Sport16

Just curious-I notice you are from AL--which state do you buy tickets in?

jacintasc

Quote: Originally posted by yupyup79 on Jan 10, 2016

If you think that's kinky I'd probably show up to pick up my check at lotto HQ in full Drag.  Like Hollywood level quality.  I'm sure With that kinda of money I could fly in RuPaul's team to make me over so I'd be in a decent disguise and unrecognisable.

at least you'd have something to laugh at when the photo makes the news.

I remember a few years back a man from Michigan (I think) bought his JackPot ticket at a adult sex store. And then he was kinda embarrassed to come forward. But came forward he did.

So anything is possible, is what I'm trying to say.

Including that some ninety-year old might run away with winning this jackpot

zephbe's avatarzephbe

Quote: Originally posted by sirbrad on Jan 10, 2016

Nah there is a guy hidden inside and he is placing the unplayed balls on the stick from underneath. LOL Dupe Alert

ROFL

Bleudog101

Quote: Originally posted by jacintasc on Jan 11, 2016

I remember a few years back a man from Michigan (I think) bought his JackPot ticket at a adult sex store. And then he was kinda embarrassed to come forward. But came forward he did.

So anything is possible, is what I'm trying to say.

Including that some ninety-year old might run away with winning this jackpot

I too remember that, it was on the news and showed the adult store.  At this amount you could tell anyone who didn't like where you purchased your winning ticket to kiss off.  Funny how people's true colors come out; jealousy is what they suffer from.

Groppo's avatarGroppo

Quote: Originally posted by realtorjim on Jan 10, 2016

Just curious why you would choose annuity?  It's a personal choice of course.  With the current PB jackpot each annuity payment will still cap out at the maximum income tax rate, thus why not maximize the current 39.6%  rate currently in place (historically at a low) and not be subjected to a higher rate that will likely occur within the 29 year payout (1st immediate payment counts as year one).  Also, one must consider the taxes placed upon the entirety of the annuity value if one would die before it is paid out; taxes avoided if the cash value option is chosen.

I had been under the impression that you'd save a bunch of money,
in the long run, by selecting the annuity.

Why do you think the cash option is significantly lightened?


Where did all the money "that's supposed to be mine" go?

Basically taxes. I've also been told that it fills the pockets of lazy politicians in whatever state, as they encourage winners to take the cash option.

zephbe's avatarzephbe

Quote: Originally posted by Groppo on Jan 10, 2016


Honestly, yes, I really would rather have prize #2.
I'd still be faced with unknown tax dealings and such, just not as much.


But, when I write a seemingly whacky post like that, try to examine what I wrote in quotations, in small font, at the end of the post (if any) It's sort of like a conversation between my emotions and logic.  I try to be zany. I'd like people to think/howl about that stuff.

Honestly, yes, I really would rather have prize #2.
I'd still be faced with unknown tax dealings and such, just not as much.

I Agree!

Groppo's avatarGroppo

Quote: Originally posted by AbsolutelyFun on Jan 10, 2016

Is this even possible? I mean once you win and assuming you have friends and family who know you and that you've won then I would think that someone (maybe a not so good friend or a jealous relative) may call the lottery and let them know you moved after the jackpot was hit.  Besides the lottery will require identification and I am thinking that they will check as to when say for example your drivers license expires and knowing how long they issue licenses for they can back up the expiration date and realize that you got that license after the winning date.  I think you get the gist of what I'm asking, right?  I am thinking that if someone rats you out or they figure it out while you're claiming that the state you abandoned just to save the state taxes will have grounds to sue you for the taxes you avoided.  I believe (and I'm no lawyer) but tax avoidance is illegal.  So I believe you are risking going to jail not to mention the tax fines you would have to endure on top of having to pay the tax anyways.....not really worth it ya think?

 

After all, I am thinking that the officials out there who work for the government whether county,state or federal don't really have very much leniency for a Powerball winner....right? I don't mean to say it's a bad idea but it's creative shall we say?

NO WAY! 

If what you're saying is the case, I'd hire my own doggone attorney, to work with me, and I'd make him/her rich.

I'd get an attorney in the no-tax state, and see what happens.

But, I don't think it's tax avoidance as much as it is "doing things the proper way". 

Why do you think most states let you claim the prize months down the road?
It's so the winner has time to do these things ( I figure).

I've never avoided taxes, and NEVER encourage others to do so, illegally.

jjtheprince

Jackpot has not went up from $1.3 billion, is it possible sales are dropping?

I have the feeling that if it's not won Wednesday night, a lot of players will just give up as it will seem that it's just not possible to win at all.

AbsolutelyFun

Quote: Originally posted by Groppo on Jan 11, 2016

NO WAY! 

If what you're saying is the case, I'd hire my own doggone attorney, to work with me, and I'd make him/her rich.

I'd get an attorney in the no-tax state, and see what happens.

But, I don't think it's tax avoidance as much as it is "doing things the proper way". 

Why do you think most states let you claim the prize months down the road?
It's so the winner has time to do these things ( I figure).

I've never avoided taxes, and NEVER encourage others to do so, illegally.

Dunno if you read this reply from realtorjim but if you didn't he said,

"You are spot on AbsolutelyFun, but some still seem to think they can move AFTER the draw but BEFORE the claim and thereby escape the state tax.  Wouldn't it be nice if it worked that way.  You can be assured, especially on the current jackpot amount, the taxmen, federal AND state, are going to make sure of your established residence at the time of the draw."

 

And to answer your question, "Why do you think most states let you claim the prize months down the road?"

My answer, So that people who are simply busy with the business of living (you know like working, family life, hobbies, miscellaneous other things) can suddenly remember that they even bought tickets and still claim their prize because they were afforded a grace period.  It would be ridiculous to expect people to check their tickets within days or a week and that would also work against the lottery because they want people to win because when people win it's called positive reinforcement and they come back and play again hoping they can win more prizes. Repeat customers are the life blood for most of the lottery ticket retailers and not only do the retailers get a small cut from the sales but they also get the people walking into their establishment and ideally make other purchases like drinks, food, miscellaneous necessary things and other sundries. That's why a lot of the retailers also sell other products because they can't make a living just on lottery tickets.  Call the lottery tickets a loss leader as it just gets people into the doors of their establishment.  So back to the grace period, it varies with the various games but none of those retailers are expecting people to show up the next day or even the next week to cash out their tickets because people have lives to live and playing lottery games are just a very small part of their lives.  Hope that answers your question.

 

If you feel that the lottery allows the grace period so that people who play can think up ways to do what you mentioned in your initial post then that's your business but I still feel and so does realtorjim feel that it won't work.  We live in a free country so we are all entitled to our opinions and I respect that you still believe that you can hire an attorney and make him rich and see what happens.  Good luck with that as I mentioned in my reply to your initial post before about your "creative" thing.

I do however have a suggestion if you really want a definitive answer and that would be to ask a professional like a Tax Attorney.  Again, good luck.

BuyLow's avatarBuyLow

Quote: Originally posted by jjtheprince on Jan 11, 2016

Jackpot has not went up from $1.3 billion, is it possible sales are dropping?

I have the feeling that if it's not won Wednesday night, a lot of players will just give up as it will seem that it's just not possible to win at all.

The jackpot has not gone up yet because they likely took a day off.  I would darn near bet on an increase today.

jjtheprince

Quote: Originally posted by BuyLow on Jan 11, 2016

The jackpot has not gone up yet because they likely took a day off.  I would darn near bet on an increase today.

I think they need to tweak the matrix with Powerball just a wee bit, remove a couple of red balls to bring the odds down to about ~275 million or so.  Current odds are 292 million which is too hard.  Odds with MM are 259 million which is way too easy as evidenced by the recent winner from New York.  I think we are finding 1:275 million to be the sweet spot as far as odds go.

AbsolutelyFun

Quote: Originally posted by jjtheprince on Jan 11, 2016

I think they need to tweak the matrix with Powerball just a wee bit, remove a couple of red balls to bring the odds down to about ~275 million or so.  Current odds are 292 million which is too hard.  Odds with MM are 259 million which is way too easy as evidenced by the recent winner from New York.  I think we are finding 1:275 million to be the sweet spot as far as odds go.

I agree.

El Kyoty

I wouldn't care if they added a few more red ones. Mega Millions could stay the same for those wanting smaller pots & they could start Powerball out at $200 million with those odds.

edmunddantes13

He's probably one of those people that believe if they cross the border to buy stuff in a no sales tax state and bring it back to their own they are home free even though you still owe sales taxes on it. Most people don't even have the smallest inclination as to how taxes work. Even the reciprocity agreements don't save you taxes. Just save you on double dips  say live state X work in state y. State X is 10% and state Y 5% and you have 100K in taxable income for easy sake. You pay state Y the 5K you owe them  then you pay State X the remaining 5K. The opposite living situation results in you paying state X 10K and State Y receiving 0 since you've covered what you would have owed state Y I'm paying state X.

Also to the other separate question, the cash option is better tax wise in the sense you know exactly what the tax rate is right now. You have no idea what taxes will be like in 2025, 2030, etc. what happens if they jack up rates and eliminate all deductions? What happens if they tax all non working income at a completely different higher rate. This the real advantage is already having money and plans in place (that can alter how money is invested, etc) vs waiting for money that you can't alter how it's handled until it's in your hands and after the tax is attached.

 

PS I'm not a tax lawyer, and this is not advice. Just letting people know it's not as simple as I'll just move and reduce my taxes. It doesn't work that way.

jacintasc

Quote: Originally posted by jjtheprince on Jan 11, 2016

I think they need to tweak the matrix with Powerball just a wee bit, remove a couple of red balls to bring the odds down to about ~275 million or so.  Current odds are 292 million which is too hard.  Odds with MM are 259 million which is way too easy as evidenced by the recent winner from New York.  I think we are finding 1:275 million to be the sweet spot as far as odds go.

Someone from Tennessee just won this with the current matrix, so I disagree , its winnable

edmunddantes13

Now. You could make a when is the income actually earned argument since it isn't your money until you actually claim the prize, but I believe people have tried that before and lost IIRC. Still if you do take that route. Do realize, we're talking probably several years of litigation with very high priced lawyers that maybe save you a net 20-30 million once fee is included with the chance of actually losing and owing both the tax and the lawyers and being out an extra 5-30 million depending on quality of the law firm, tax penalties, and how much they bill you.

MaximumMillions

Quote: Originally posted by edmunddantes13 on Jan 11, 2016

Now. You could make a when is the income actually earned argument since it isn't your money until you actually claim the prize, but I believe people have tried that before and lost IIRC. Still if you do take that route. Do realize, we're talking probably several years of litigation with very high priced lawyers that maybe save you a net 20-30 million once fee is included with the chance of actually losing and owing both the tax and the lawyers and being out an extra 5-30 million depending on quality of the law firm, tax penalties, and how much they bill you.

I think the reasoning is the money is yours once the balls are drawn and your ticket matches.

AbsolutelyFun

Quote: Originally posted by edmunddantes13 on Jan 11, 2016

He's probably one of those people that believe if they cross the border to buy stuff in a no sales tax state and bring it back to their own they are home free even though you still owe sales taxes on it. Most people don't even have the smallest inclination as to how taxes work. Even the reciprocity agreements don't save you taxes. Just save you on double dips  say live state X work in state y. State X is 10% and state Y 5% and you have 100K in taxable income for easy sake. You pay state Y the 5K you owe them  then you pay State X the remaining 5K. The opposite living situation results in you paying state X 10K and State Y receiving 0 since you've covered what you would have owed state Y I'm paying state X.

Also to the other separate question, the cash option is better tax wise in the sense you know exactly what the tax rate is right now. You have no idea what taxes will be like in 2025, 2030, etc. what happens if they jack up rates and eliminate all deductions? What happens if they tax all non working income at a completely different higher rate. This the real advantage is already having money and plans in place (that can alter how money is invested, etc) vs waiting for money that you can't alter how it's handled until it's in your hands and after the tax is attached.

 

PS I'm not a tax lawyer, and this is not advice. Just letting people know it's not as simple as I'll just move and reduce my taxes. It doesn't work that way.

Yep that's what I thought at first, "....it's not as simple as I'll just....." which is why I questioned it. Since it's an event that would only occur should said "He" has to win first then I am thinking his chances of testing the theory in his mind are 292 Million to 1 so chances are pretty good "He" will never get to test that theory.

 

But I still say that if someone wants to give it a shot then knock yourself out because we live in a free society and should you make the wrong choice then you get to take full responsibility for your actions. 

sookie's avatarsookie

Quote: Originally posted by jjtheprince on Jan 11, 2016

Jackpot has not went up from $1.3 billion, is it possible sales are dropping?

I have the feeling that if it's not won Wednesday night, a lot of players will just give up as it will seem that it's just not possible to win at all.

I agree.  If it rolls Wednesday a lot of media and people are going to start asking is Powerball too hard to win. 

I'd still get my normal 2 #s if it rolled again but I wouldn't buy more.  I have some extra tickets this round but I won't keep throwing money at an endless pit. 

 

I already bought my MegaMillions #s for the month so I'd just keep playing that.

TheMeatman2005's avatarTheMeatman2005

Quote: Originally posted by Deeyar948 on Jan 10, 2016

What were the odds of being no winner tonight? does anyone know?

The odds of there being no winner in the next drawing are the same odds as there was in the last drawing. The odds of winning the jackpot are 1 in 292,201,338.

Todd's avatarTodd

The Wednesday jackpot was increased to $1.4 billion, with a cash value of $868 million!

Arrowhead's avatarArrowhead

Quote: Originally posted by edmunddantes13 on Jan 11, 2016

He's probably one of those people that believe if they cross the border to buy stuff in a no sales tax state and bring it back to their own they are home free even though you still owe sales taxes on it. Most people don't even have the smallest inclination as to how taxes work. Even the reciprocity agreements don't save you taxes. Just save you on double dips  say live state X work in state y. State X is 10% and state Y 5% and you have 100K in taxable income for easy sake. You pay state Y the 5K you owe them  then you pay State X the remaining 5K. The opposite living situation results in you paying state X 10K and State Y receiving 0 since you've covered what you would have owed state Y I'm paying state X.

Also to the other separate question, the cash option is better tax wise in the sense you know exactly what the tax rate is right now. You have no idea what taxes will be like in 2025, 2030, etc. what happens if they jack up rates and eliminate all deductions? What happens if they tax all non working income at a completely different higher rate. This the real advantage is already having money and plans in place (that can alter how money is invested, etc) vs waiting for money that you can't alter how it's handled until it's in your hands and after the tax is attached.

 

PS I'm not a tax lawyer, and this is not advice. Just letting people know it's not as simple as I'll just move and reduce my taxes. It doesn't work that way.

The issue of future tax rates and their impact on your net return down the road is valid and I'm not knocking anyone's argument or knowledge/skills in this area.

But, in reality, with the numbers being what they are---and certain to climb--what difference does it really make?

Here in Ohio the current net cash payout is just over $572 million. With the annuity payments the first year is almost $14 million. Which by itself means my family and my children's future families will be set for life, barring the insane need (which we don't have) for 100 luxury vehicles and a dozen water-front palaces.

With stair-step yearly increases starting at about $500,000 and ending at year 30 at almost three million, I'm simply not caring that much what the future holds on the tax front.

For me the real headache would be dealing with an immediate payment of $572 million to wrap my head around and find professional help to manage it.

If there ends up being multiple winners of 4 or 5 sharing the prize that could adjust my thinking.

But for now, I'll take the annuity please.

AbsolutelyFun

Quote: Originally posted by Todd on Jan 11, 2016

The Wednesday jackpot was increased to $1.4 billion, with a cash value of $868 million!

Thanks Todd! Good luck to you all out there !

Albeone

Quote: Originally posted by Todd on Jan 11, 2016

The Wednesday jackpot was increased to $1.4 billion, with a cash value of $868 million!

This is certainly on pace to reach $1 billion cash value.

Arrowhead's avatarArrowhead

With the just-announced increase, Ohio's first-year annuity payment is $14,961,126. Ends at year 30 at $61,582,026.

Not all that concerned with future tax rates.

Wink

jacintasc

It was just bumped to 1.4 B. Time for a new thread!

Ron5995

Quote: Originally posted by Todd on Jan 11, 2016

The Wednesday jackpot was increased to $1.4 billion, with a cash value of $868 million!

Amazed they're raising the estimate already. This jackpot may break the $1 billion cash value barrier too. Incredible!

jacintasc

Thank you Kardashian family for pouring your money bumping up this jackpot!Big Grin Santa

Albeone

Quote: Originally posted by Arrowhead on Jan 11, 2016

With the just-announced increase, Ohio's first-year annuity payment is $14,961,126. Ends at year 30 at $61,582,026.

Not all that concerned with future tax rates.

Wink

Possibly higher future tax rates and estate tax issues for beneficiaries if I died before it was payed out are the two concerns I'd have with taking the annuity. Otherwise I would elect that option if I won this jackpot.

Original Bey's avatarOriginal Bey

Quote: Originally posted by Todd on Jan 11, 2016

The Wednesday jackpot was increased to $1.4 billion, with a cash value of $868 million!

Party Thanks for the update!

jacintasc

HA! THE CASH OPTION WILL BE 1 BILLION BY WEDNESDAY!

Type

Groppo's avatarGroppo

Quote: Originally posted by Todd on Jan 11, 2016

The Wednesday jackpot was increased to $1.4 billion, with a cash value of $868 million!

That's Excellent news, Todd !   It didn't stall. 
Everything's back on track.

 

 

 

 

(everything's "back on track"?    Mr. "oh, i'll be happy with 1 million is saying this".
"yeah, well I uh. . . .",
yeah, well i think you better get it together)

HoLeeKau's avatarHoLeeKau

Quote: Originally posted by jacintasc on Jan 11, 2016

It was just bumped to 1.4 B. Time for a new thread!

I agree!  It took me 20 minutes this morning to figure out where I quit reading last time I was here.  I wish this forum had the ability to take you to the first unread post when you're logged in.  I also wish there was a mark on threads I posted in.

Todd's avatarTodd

Quote: Originally posted by jacintasc on Jan 11, 2016

HA! THE CASH OPTION WILL BE 1 BILLION BY WEDNESDAY!

Type

That's the next milestone we'll be watching! Eek

RJOh's avatarRJOh

Quote: Originally posted by HoLeeKau on Jan 11, 2016

I agree!  It took me 20 minutes this morning to figure out where I quit reading last time I was here.  I wish this forum had the ability to take you to the first unread post when you're logged in.  I also wish there was a mark on threads I posted in.

Do you use the active thread form or my most recent posts forum?

gocart1's avatargocart1

I'm i reading this right..It jumped to 1.4 billion..PartyUS FlagParty

MaximumMillions

Quote: Originally posted by Todd on Jan 11, 2016

That's the next milestone we'll be watching! Eek

2 and a half day out til the drawing, I think we'll see it!

Groppo's avatarGroppo

Quote: Originally posted by Albeone on Jan 11, 2016

Possibly higher future tax rates and estate tax issues for beneficiaries if I died before it was payed out are the two concerns I'd have with taking the annuity. Otherwise I would elect that option if I won this jackpot.

I too would choose the annuity option, anyway. 
It's just too large a prize.
I can't get my mind around it.

BBLL's avatarBBLL

One ticket 

One winner 

Party

Spiritualist

We need a new thread. Please.

home office

We looking for team join the Powerball play tickets maybe win?  I Agree! LurkingUS Flag

mrlottojackpot

Quote: Originally posted by BBLL on Jan 11, 2016

One ticket 

One winner 

Party

I Agree! COMPLETELY!!!!!! someONE somewhere. The things you could do. BananaSee Ya!Hurray!Dance

ecnirP's avatarecnirP

A front-page headline in our local paper Saturday had an Oakland County Math professor saying odds are against you winning the lottery.

When you win the lottery, I suggest not taking any math classes from Oakland University.

What I'm enjoying is that the same odds are in place for me to win the $1.4 Billion as someone who plays when it goes back to $40 Million after this one's won.

Bleudog101

Quote: Originally posted by ecnirP on Jan 11, 2016

A front-page headline in our local paper Saturday had an Oakland County Math professor saying odds are against you winning the lottery.

When you win the lottery, I suggest not taking any math classes from Oakland University.

What I'm enjoying is that the same odds are in place for me to win the $1.4 Billion as someone who plays when it goes back to $40 Million after this one's won.

I'm with you on that, bunch of naysayers.  I tone it out.  The media should run a quick story on how many people won any USA lottery in say last five years.

Ron5995

Speaking of jackpot reset. $40 million is $0.04 Billion. Further illustrates how much bigger this jackpot is compared to the base amount. And yet, as you say, the odds of winning are exactly the same either way though this jackpot is upwards of 35 times more. If anything, this is the best time to play - more value for the money.

ecnirP's avatarecnirP

By the time they keep upping the ante for this drawing, the cash payout (money in your bank account) - even after taxes - will be larger than any previous posted award of a jackpot in history. Now that's something. Something nice.

brees2012's avatarbrees2012

  Does anybody know this answer . If you play in one state , other then the state you live in and if you win , do you pay taxes in both states ?

 

bigboy90000

The lines at some of these stores are unreal .

jacintasc

Quote: Originally posted by bigboy90000 on Jan 11, 2016

The lines at some of these stores are unreal .

And very unnecessary. There is no need to go to the same store to buy your tickets . Also I saw something very disappointing. Long lines of students in college towns lining up for the PB. I guess they were never serious about getting a career?

Ron5995

Quote: Originally posted by brees2012 on Jan 11, 2016

  Does anybody know this answer . If you play in one state , other then the state you live in and if you win , do you pay taxes in both states ?

 

Possibly. However, many states have reciprocal agreements so one won't pay more than the highest rate of either state. In general, it's best to play in one's home state. An exception to that would be one seeking to remain anonymous and play in a state, such as, Delaware. On a related note, a winning ticket must be claimed in the jurisdiction it was sold in.

Murgatroyd

Quote: Originally posted by Arrowhead on Jan 11, 2016

The issue of future tax rates and their impact on your net return down the road is valid and I'm not knocking anyone's argument or knowledge/skills in this area.

But, in reality, with the numbers being what they are---and certain to climb--what difference does it really make?

Here in Ohio the current net cash payout is just over $572 million. With the annuity payments the first year is almost $14 million. Which by itself means my family and my children's future families will be set for life, barring the insane need (which we don't have) for 100 luxury vehicles and a dozen water-front palaces.

With stair-step yearly increases starting at about $500,000 and ending at year 30 at almost three million, I'm simply not caring that much what the future holds on the tax front.

For me the real headache would be dealing with an immediate payment of $572 million to wrap my head around and find professional help to manage it.

If there ends up being multiple winners of 4 or 5 sharing the prize that could adjust my thinking.

But for now, I'll take the annuity please.

That matches my reasoning fairly well. Add in the fact that I do expect to live at least 30 more years (given my age and family history, 60 more years is entirely possible), and I'm also leaning toward the annuity.

MaximumMillions

Quote: Originally posted by jacintasc on Jan 11, 2016

And very unnecessary. There is no need to go to the same store to buy your tickets . Also I saw something very disappointing. Long lines of students in college towns lining up for the PB. I guess they were never serious about getting a career?

LMAO if they can afford to buy tickets let them. I'm sure they also sometimes have a drink.

jacintasc

the main Powerball site has crashed

scarchelli's avatarscarchelli

Can someone clear something up about taxes?  If you take the lump sum, they take out 25% then give you the check no?  What about the 39.6%? Do you owe that next year?

If you take the annuity, if the fed interest skyrockets, do they up your checks to make up for the difference?

Also, in the unlikely event the lottery (pb for example) goes bankrupt in 5 years, and you won this year and opted for the annuity, what happens to your future checks?

Lastly, if more than one winner wins and one opts for annuity while the other chooses lump sum, what figure do they split?

Prolific-Atom

It's 1.4 billion now Cash price $868 million New Update

mightwin's avatarmightwin

Quote: Originally posted by scarchelli on Jan 11, 2016

Can someone clear something up about taxes?  If you take the lump sum, they take out 25% then give you the check no?  What about the 39.6%? Do you owe that next year?

If you take the annuity, if the fed interest skyrockets, do they up your checks to make up for the difference?

Also, in the unlikely event the lottery (pb for example) goes bankrupt in 5 years, and you won this year and opted for the annuity, what happens to your future checks?

Lastly, if more than one winner wins and one opts for annuity while the other chooses lump sum, what figure do they split?

They take out the 25% upfront you owe the 14% at the end of the year and Powerball cant go bankrupt they invest the money in bonds for the annuities

Masone

Quote: Originally posted by Murgatroyd on Jan 11, 2016

That matches my reasoning fairly well. Add in the fact that I do expect to live at least 30 more years (given my age and family history, 60 more years is entirely possible), and I'm also leaning toward the annuity.

Why wouldn't you just take the lump sum and then put the money somewhere where you'll be getting your own annuity every year on top of the lump sum?

Let's say you put 400 million of the 572m away and only live on the returns from that(plus the additional 172m in cash). How much would you be getting a year from returns?

haymaker's avatarhaymaker

Quote: Originally posted by Ron5995 on Jan 11, 2016

Possibly. However, many states have reciprocal agreements so one won't pay more than the highest rate of either state. In general, it's best to play in one's home state. An exception to that would be one seeking to remain anonymous and play in a state, such as, Delaware. On a related note, a winning ticket must be claimed in the jurisdiction it was sold in.

Yup,

 I'll be taking a trip to Delaware tomorrow.

jacintasc

Quote: Originally posted by haymaker on Jan 11, 2016

Yup,

 I'll be taking a trip to Delaware tomorrow.

In the cold and snow?What?

edmunddantes13

Quote: Originally posted by scarchelli on Jan 11, 2016

Can someone clear something up about taxes?  If you take the lump sum, they take out 25% then give you the check no?  What about the 39.6%? Do you owe that next year?

If you take the annuity, if the fed interest skyrockets, do they up your checks to make up for the difference?

Also, in the unlikely event the lottery (pb for example) goes bankrupt in 5 years, and you won this year and opted for the annuity, what happens to your future checks?

Lastly, if more than one winner wins and one opts for annuity while the other chooses lump sum, what figure do they split?

Let's say two twins in same state win the jackpot. One goes annuity and one goes lump sum. 

 

They both pay the current rate in taxes on money gained in year one. We will assume they both use same tax strategies in year one to escape all the different deductions they could potentially take. 

Twin Cash pays a ton more taxes up front.

Twin Annuity pays less taxes upfront

Twin Cash now only has to worry about future tax rates on the earnings they make from principle. Thus if Feds suddenly decide to jack taxes back up to 70% on all earnings over a million dollars they are good. Plus they can also alter how and where their money is invested to take advantage of tax savings.

Twin Annuity is now stuck paying all their future payouts at that 70% tax rate (over the million dollars. Marginal rates of course) every year going forward until the tax rate changes. Plus they can't implement many tax reduction actions as they haven't received the money yet. They could end up losing most of their winnings to tax.

Edit - of course the opposite is true too. Twin Annuity can come out better off if the Fed suddenly decide to go flat tax at 10 % in year two, but Twin Cash should potentially be able to make up the difference in investing their lumpsum  wisely.

scarchelli's avatarscarchelli

Thank you.

DELotteryPlyr's avatarDELotteryPlyr

Quote: Originally posted by haymaker on Jan 11, 2016

Yup,

 I'll be taking a trip to Delaware tomorrow.

Yea I got some extra time tonight so headed there now to get some tickets from there. 

Groppo's avatarGroppo

Quote: Originally posted by Masone on Jan 11, 2016

Why wouldn't you just take the lump sum and then put the money somewhere where you'll be getting your own annuity every year on top of the lump sum?

Let's say you put 400 million of the 572m away and only live on the returns from that(plus the additional 172m in cash). How much would you be getting a year from returns?

.

I've been thinking of annuity vs. cash payment. 

Annuity:
more efficient spending of your doggone money

Cash option: 
Will pretty much prevent the rare/unlikely event of an IRS computer getting a glitch, and erroneously printing some notice for you to report your local irs office.

haymaker's avatarhaymaker

Quote: Originally posted by jacintasc on Jan 11, 2016

In the cold and snow?What?

A little cold here but no snow.

haymaker's avatarhaymaker

Quote: Originally posted by DELotteryPlyr on Jan 11, 2016

Yea I got some extra time tonight so headed there now to get some tickets from there. 

Thought you were there already.

 

Does Delaware tax lottery wins ?

Some say yes, but the jackpot analysis on USAmega shows no tax on lottery winnings.

Thanks.

jacintasc

Wendy Williams gave her studio audience all Powerball tickets today

TheMeatman2005's avatarTheMeatman2005

Quote: Originally posted by Nodda4me on Jan 10, 2016

I put in $10 yesterday. I'll put $10 in for this one.

I went out for a walk Saturday and bought 4 - $2 tickets. One at four different locations.

At the last stop, I purchased a $5 scratch ticket as well. So, $13 spent in total.

I won $0 on the 4 PB tickets, but won $10 on the $5 scratch ticket.Big Grin

I am going to cash the $10 winner and buy 4 more Powerball tickets, 1 Megamillions and 1 NYS Lotto ticket. Good luck to all...especially me! Hyper

Total out of pocket I am going to spend for PB tickets for Wed's drawing = $0.00

By the way...The new jackpot for Wed is now

$1.4 Billion = cash value $868 Million

DanceHyperBananaHurray!PartySee Ya!Sad CheersUS FlagSmashWhite BounceScared

ecnirP's avatarecnirP

Quote: Originally posted by Groppo on Jan 11, 2016

.

I've been thinking of annuity vs. cash payment. 

Annuity:
more efficient spending of your doggone money

Cash option: 
Will pretty much prevent the rare/unlikely event of an IRS computer getting a glitch, and erroneously printing some notice for you to report your local irs office.

Annuity: supreme trust in the government to live up to its obligations for 30 years without politicians deciding there's a "better purpose" for those funds

Cash: under my control

 

I did hear about a couple who claimed a jackpot, one taking the cash option and the other the annuity. If it's a big enough jackpot, it might be worth considering.

winingbadger

Quote: Originally posted by edmunddantes13 on Jan 11, 2016

Let's say two twins in same state win the jackpot. One goes annuity and one goes lump sum. 

 

They both pay the current rate in taxes on money gained in year one. We will assume they both use same tax strategies in year one to escape all the different deductions they could potentially take. 

Twin Cash pays a ton more taxes up front.

Twin Annuity pays less taxes upfront

Twin Cash now only has to worry about future tax rates on the earnings they make from principle. Thus if Feds suddenly decide to jack taxes back up to 70% on all earnings over a million dollars they are good. Plus they can also alter how and where their money is invested to take advantage of tax savings.

Twin Annuity is now stuck paying all their future payouts at that 70% tax rate (over the million dollars. Marginal rates of course) every year going forward until the tax rate changes. Plus they can't implement many tax reduction actions as they haven't received the money yet. They could end up losing most of their winnings to tax.

Edit - of course the opposite is true too. Twin Annuity can come out better off if the Fed suddenly decide to go flat tax at 10 % in year two, but Twin Cash should potentially be able to make up the difference in investing their lumpsum  wisely.

Okay I recently joined after lurking, but with a now $1.4BILLION!!! jackpot I figured I'd join in on the convo. So my question, if you or anyone else knows, can a husband and wife claim both annuity and cash? So like the wife claims annuity on her portion of the ticket and the husband claims cash on his?

winingbadger

Quote: Originally posted by ecnirP on Jan 11, 2016

Annuity: supreme trust in the government to live up to its obligations for 30 years without politicians deciding there's a "better purpose" for those funds

Cash: under my control

 

I did hear about a couple who claimed a jackpot, one taking the cash option and the other the annuity. If it's a big enough jackpot, it might be worth considering.

Just saw your post after asking my question. Though that's what I think I would do. Just to be "safe". As that would mean $200mil upfront after taxes and then $10ish mill increasing every year for the next 30 years.

jacintasc

Time for another cash advance or pawn somethingThud

LottoLucy's avatarLottoLucy

Quote: Originally posted by winingbadger on Jan 11, 2016

Just saw your post after asking my question. Though that's what I think I would do. Just to be "safe". As that would mean $200mil upfront after taxes and then $10ish mill increasing every year for the next 30 years.

Just FYI your state lottery determines if you can do this NOT the powerball people.  So you would have to check with your state lottery.

frank0sport16

Monday Greetings To One & All ....

Perhaps this has been mentioned already -- the annuitized jackpot is currently $ 1.40-billion, and the cash option jackpot is $ 868 million.

Based on those figures, if the annuitized jackpot reaches at least $1.613-billion by the close of ticket sales on Wednesday, then the cash option jackpot would be worth at least one billion $$ -- before the taxman comes calling of course.

TRIVIA -- According to older editions of the Guinness Book of Records, the late billionaire J. Paul Getty once remarked "If you can count (all of) your millions, then you're not a billionaire".

PREDICTION (strictly unscientific) -- there will be 32 Grand Prize winners, and 149 2nd prize winners. Beyond that, I know nothing.

Thanx-A-Lot, Best of Luck and Please Remember to Always Play Responsibly,

Frank-0-Sport 16

Saylorgirl's avatarSaylorgirl

Quote: Originally posted by winingbadger on Jan 11, 2016

Just saw your post after asking my question. Though that's what I think I would do. Just to be "safe". As that would mean $200mil upfront after taxes and then $10ish mill increasing every year for the next 30 years.

In Indiana anyone claiming on the same ticket has to choose the same option. So you have to pick cash or annuity.  It will be in your states rules and regulations for the lottery.

jacintasc

Quote: Originally posted by frank0sport16 on Jan 11, 2016

Monday Greetings To One & All ....

Perhaps this has been mentioned already -- the annuitized jackpot is currently $ 1.40-billion, and the cash option jackpot is $ 868 million.

Based on those figures, if the annuitized jackpot reaches at least $1.613-billion by the close of ticket sales on Wednesday, then the cash option jackpot would be worth at least one billion $$ -- before the taxman comes calling of course.

TRIVIA -- According to older editions of the Guinness Book of Records, the late billionaire J. Paul Getty once remarked "If you can count (all of) your millions, then you're not a billionaire".

PREDICTION (strictly unscientific) -- there will be 32 Grand Prize winners, and 149 2nd prize winners. Beyond that, I know nothing.

Thanx-A-Lot, Best of Luck and Please Remember to Always Play Responsibly,

Frank-0-Sport 16

So , we need it to get up to about 3.5 billion so the winner can walk away with 1 billion after taxBanana

Albeone

Quote: Originally posted by haymaker on Jan 11, 2016

Thought you were there already.

 

Does Delaware tax lottery wins ?

Some say yes, but the jackpot analysis on USAmega shows no tax on lottery winnings.

Thanks.

I believe Deleware does not deduct state taxes only 25% Fed tax. You would owe Deleware state tax and the 14% Fed when filing your taxes next year.

haymaker's avatarhaymaker

Quote: Originally posted by Albeone on Jan 11, 2016

I believe Deleware does not deduct state taxes only 25% Fed tax. You would owe Deleware state tax and the 14% Fed when filing your taxes next year.

Do you happen to know the Delaware rate ?

Thanks.

Albeone

On the question of annuity vs cash, what if for some strange reason you bet the same numbers twice and had two winning tickets. Could you claim one as an annuity and take the other one as the lump sum?

jacintasc

The Lotter is still offline. Looks like it was too much for them

haymaker's avatarhaymaker

Quote: Originally posted by Albeone on Jan 11, 2016

On the question of annuity vs cash, what if for some strange reason you bet the same numbers twice and had two winning tickets. Could you claim one as an annuity and take the other one as the lump sum?

Don't see why not, it would be 2 different claims, you could even claim at different times.

Albeone

Quote: Originally posted by haymaker on Jan 11, 2016

Don't see why not, it would be 2 different claims, you could even claim at different times.

That sounds like the best of both worlds to me.

Saylorgirl's avatarSaylorgirl

Quote: Originally posted by Albeone on Jan 11, 2016

On the question of annuity vs cash, what if for some strange reason you bet the same numbers twice and had two winning tickets. Could you claim one as an annuity and take the other one as the lump sum?

Yes, you would have two separate lottery claims.

frank0sport16

Quote: Originally posted by jacintasc on Jan 11, 2016

So , we need it to get up to about 3.5 billion so the winner can walk away with 1 billion after taxBanana

Greetings ...

Actually, a jackpot of about $ 2.8-billion annuitized and $ 1.736-billion cash option could  produce an after-tax billionaire (in Alabama at least) -- provided that no more than one ticket wins, or that the grand prize is not shared with a group.

I wonder how Dr. Carl Sagan would feel about folks playing for"billions and billions" of dollars!

Thanx-A-Lot, Frank0Sport16

jacintasc

Quote: Originally posted by frank0sport16 on Jan 11, 2016

Greetings ...

Actually, a jackpot of about $ 2.8-billion annuitized and $ 1.736-billion cash option could  produce an after-tax billionaire (in Alabama at least) -- provided that no more than one ticket wins, or that the grand prize is not shared with a group.

I wonder how Dr. Carl Sagan would feel about folks playing for"billions and billions" of dollars!

Thanx-A-Lot, Frank0Sport16

Even Better! and Thank YouHyper

jacintasc

The guy that said he'd buy "Hookers and Cocaine" with his jackpot says he was just kidding. He said the news reporter kept interupting him from picking his numbers (which she clearly was) and he was just giving her a smart a$$ answer to her relentless questions

ecnirP's avatarecnirP

I wonder how sales of the $15M Mega Millions lottery are doing this week.

Candy-Lane's avatarCandy-Lane

Quote: Originally posted by sirbrad on Jan 10, 2016

I am surprised that TLC is not running a "Lottery Changed My Life" marathon now, ratings would be through the roof!

Hi sirbrad!

I was thinking the same thing! Anyway, good luck!

jacintasc

Quote: Originally posted by ecnirP on Jan 11, 2016

I wonder how sales of the $15M Mega Millions lottery are doing this week.

poorly, I bet. People are greedy by natureEvil Looking

ecnirP's avatarecnirP

Quote: Originally posted by sirbrad on Jan 10, 2016

I am surprised that TLC is not running a "Lottery Changed My Life" marathon now, ratings would be through the roof!

There are three episodes listed for Saturday morning. Love that show. I particularly like the story of the youngest jackpot winner in Florida's history. After the deposit was made to his account, he said he spent the whole afternoon calling the bank's automated system, listening to his balance, hanging up, repeating. I could see myself doing that.

By the way, with ~6,900 banks in the U.S., and assuming we go back to $100,000 FDIC insurance, we're getting really close to not having enough banks to put the cash payout in. Something to think about.

jacintasc

Quote: Originally posted by ecnirP on Jan 11, 2016

There are three episodes listed for Saturday morning. Love that show. I particularly like the story of the youngest jackpot winner in Florida's history. After the deposit was made to his account, he said he spent the whole afternoon calling the bank's automated system, listening to his balance, hanging up, repeating. I could see myself doing that.

By the way, with ~6,900 banks in the U.S., and assuming we go back to $100,000 FDIC insurance, we're getting really close to not having enough banks to put the cash payout in. Something to think about.

I would be glad to do an episode featuring my new life with my new friend OprahCheers

frank0sport16

Quote: Originally posted by ecnirP on Jan 11, 2016

I wonder how sales of the $15M Mega Millions lottery are doing this week.

Greetings ....

At first I thought about skipping Tuesday's Mega Millions to play extra Powerball numbers. Then I decided that I would stick with my pre-picked Powerball numbers and buy a  couple of Mega Millions tickets. My reasoning -- if I happen to have a significant win on Tuesday's Mega Millions, then I'll get out early Wednesday Morning to play extra Powerballs.

Besides -- The Mega Millions $ 15 million annuitized jackpot may be modest compared to PowerBall's, but it would pay rent quite nicely just the same.

Thanx-A-Lot, Best of Luck and Please Remember to Always Play Responsibly

Frank0Sport16

BBLL's avatarBBLL

Quote: Originally posted by ecnirP on Jan 11, 2016

There are three episodes listed for Saturday morning. Love that show. I particularly like the story of the youngest jackpot winner in Florida's history. After the deposit was made to his account, he said he spent the whole afternoon calling the bank's automated system, listening to his balance, hanging up, repeating. I could see myself doing that.

By the way, with ~6,900 banks in the U.S., and assuming we go back to $100,000 FDIC insurance, we're getting really close to not having enough banks to put the cash payout in. Something to think about.

Just multiple accounts Hurray!

Lucki723

If there is only 1 winner, he or she will also make the Forbes list . Cheers

savagegoose's avatarsavagegoose

Quote: Originally posted by Bleudog101 on Jan 11, 2016

I'm with you on that, bunch of naysayers.  I tone it out.  The media should run a quick story on how many people won any USA lottery in say last five years.

when confonted with such negative comments, say"  thats great, I didnt even buy a ticket "

savagegoose's avatarsavagegoose

Quote: Originally posted by ecnirP on Jan 11, 2016

I wonder how sales of the $15M Mega Millions lottery are doing this week.

i go halves  in 1 ticket ea draw guess im the only one playing

edmunddantes13

IIRC it doesn't work that way. Multiple accounts

 

FDIC insurance.

ohiopick3's avatarohiopick3

Hello:

I seen on newsnet5.com in Cleveland that the Fed is 39.6, they say Ohio state tax would be 5.33 and my local city tax is 2.5.

So it is actually 47.43 estimated. I just rounded it off to 48.

— ohiopick3

jacintasc

Quote: Originally posted by ohiopick3 on Jan 11, 2016

Hello:

I seen on newsnet5.com in Cleveland that the Fed is 39.6, they say Ohio state tax would be 5.33 and my local city tax is 2.5.

So it is actually 47.43 estimated. I just rounded it off to 48.

— ohiopick3

50% tax! bummer!No Nod

Groppo's avatarGroppo

Quote: Originally posted by frank0sport16 on Jan 11, 2016

Greetings ....

At first I thought about skipping Tuesday's Mega Millions to play extra Powerball numbers. Then I decided that I would stick with my pre-picked Powerball numbers and buy a  couple of Mega Millions tickets. My reasoning -- if I happen to have a significant win on Tuesday's Mega Millions, then I'll get out early Wednesday Morning to play extra Powerballs.

Besides -- The Mega Millions $ 15 million annuitized jackpot may be modest compared to PowerBall's, but it would pay rent quite nicely just the same.

Thanx-A-Lot, Best of Luck and Please Remember to Always Play Responsibly

Frank0Sport16

.

Please, never think about skipping one or the other lottos.
They both go together like peanut butter and jelly.

Like Lucy and Ricky,
Like Beavis and Butthead

 

 

 

(hey Groppo, last week you were talking about quitting any lottos. What happened to that?)

Illinoisdreamer

Quote: Originally posted by Groppo on Jan 11, 2016

.

Please, never think about skipping one or the other lottos.
They both go together like peanut butter and jelly.

Like Lucy and Ricky,
Like Beavis and Butthead

 

 

 

(hey Groppo, last week you were talking about quitting any lottos. What happened to that?)

Not sure if poster your quoting has same line of thinking as me but

PB price increase has made Mega my preferred national jackpot game which I play when pot goes over 100M


$1 a line > $2 a line

Sad thing is this jackpot is likely to make Mega follow suit soon enough and that will likely mean even less Mega/PB play from me

Cant afford to fit in 3 Lotto's weekly on my budget. I play $9 on Illinois Lotto + $2-20 on Scratch offs so spending $ on Mega/PB just a little to hard to justify

Teddi's avatarTeddi

Quote: Originally posted by Arrowhead on Jan 11, 2016

The issue of future tax rates and their impact on your net return down the road is valid and I'm not knocking anyone's argument or knowledge/skills in this area.

But, in reality, with the numbers being what they are---and certain to climb--what difference does it really make?

Here in Ohio the current net cash payout is just over $572 million. With the annuity payments the first year is almost $14 million. Which by itself means my family and my children's future families will be set for life, barring the insane need (which we don't have) for 100 luxury vehicles and a dozen water-front palaces.

With stair-step yearly increases starting at about $500,000 and ending at year 30 at almost three million, I'm simply not caring that much what the future holds on the tax front.

For me the real headache would be dealing with an immediate payment of $572 million to wrap my head around and find professional help to manage it.

If there ends up being multiple winners of 4 or 5 sharing the prize that could adjust my thinking.

But for now, I'll take the annuity please.

I get what you're saying, and you are in fact one of the few people who would choose an annuity who has a valid argument. You at least recognize you will probably pay more in taxes later on with the annuity. 

And I've also considered doing that for the same reason, but the thing I always come back to is this: I don't want to give a single cent more in taxes than I absolutely have to. Many states are imposing or trying to impose luxury taxes, high net worth taxes, additional lottery taxes. It would really irritate the crap out of me if I made it to years 20 through 29, and end up with less in payments than my first years because of all the additional taxes that got imposed. Here I am expecting $60 million checks and only getting to deposit $5 million.

Whether you take the CV or annuity, people will think you have access to about $1 billion and will hound you regardless. 

If you spent a bit more time and effort to get teams that are used to handling sudden wealth, you might find it's not as scary as you think. Even if it's still scary, wouldn't you rather your money go to worthy causes of your choice instead of the IRS?

Teddi's avatarTeddi

Quote: Originally posted by Groppo on Jan 10, 2016

GYM RICE,

I thought that taking the annuity saved one from excess taxes.

If you wouldn't mind, please explain the way you see it,
so a 5 year old can understand it.

Don't know if you got a reply but only the cash option locks you in to what the taxes are now. Annuities are subject to any changes in tax laws. You can expect that taxes will continue on their upward trajectory on federal and state levels. Actually, there doesn't even have to be a federal increase for you to pay more. Doesn't even have to be a statewide tax. Just has to be a tax on lottery winnings as one state has already done recently. Annuities always fall within that snare.

jacintasc

Quote: Originally posted by Illinoisdreamer on Jan 11, 2016

Not sure if poster your quoting has same line of thinking as me but

PB price increase has made Mega my preferred national jackpot game which I play when pot goes over 100M


$1 a line > $2 a line

Sad thing is this jackpot is likely to make Mega follow suit soon enough and that will likely mean even less Mega/PB play from me

Cant afford to fit in 3 Lotto's weekly on my budget. I play $9 on Illinois Lotto + $2-20 on Scratch offs so spending $ on Mega/PB just a little to hard to justify

I feel so ODD paying $2.00 for 1 ticket. In fact I've written a letter to my state lottery about this.

PB had to change the matrix because they were losing money and the jackpots weren't rising and on the verge of falling apart.

I do feel that MegaMillions will up their matrix. They have not had the Mega Jackpots they were expecting with the new change but I doubt they will go to $2.00

Groppo's avatarGroppo

Quote: Originally posted by ecnirP on Jan 11, 2016

There are three episodes listed for Saturday morning. Love that show. I particularly like the story of the youngest jackpot winner in Florida's history. After the deposit was made to his account, he said he spent the whole afternoon calling the bank's automated system, listening to his balance, hanging up, repeating. I could see myself doing that.

By the way, with ~6,900 banks in the U.S., and assuming we go back to $100,000 FDIC insurance, we're getting really close to not having enough banks to put the cash payout in. Something to think about.

That's a darn good point.  A darn good one.

ecnirP's avatarecnirP

Quote: Originally posted by Teddi on Jan 11, 2016

Don't know if you got a reply but only the cash option locks you in to what the taxes are now. Annuities are subject to any changes in tax laws. You can expect that taxes will continue on their upward trajectory on federal and state levels. Actually, there doesn't even have to be a federal increase for you to pay more. Doesn't even have to be a statewide tax. Just has to be a tax on lottery winnings as one state has already done recently. Annuities always fall within that snare.

Top Federal Tax Rate (Married Filing Jointly - mostly) for the Past 30 Years (and a few other reference points). Just in the past 30 years the top rate has ranged from 28% - 50%.

2015 39.6%
2014 39.6%
2013 39.6%
2012 35.0%
2011 35.0%
2010 35.0%
2009 35.0%
2008 35.0%
2007 35.0%
2006 35.0%
2005 35.0%
2004 35.0%
2003 35.0%
2002 38.6%
2001 39.1%
2000 39.6%
1999 39.6%
1998 39.6%
1997 39.6%
1996 39.6%
1995 39.6%
1994 39.6%
1993 39.6%
1992 31.0%
1991 31.0%
1990 28.0%
1989 28.0%
1988 28.0%
1987 38.5%
1986 50.0%

1981 70.0%

1964 77.0%

1963 91.0%

1953 92.0%

1945 94.0%

Have a look for yourself at http://taxfoundation.org/article/us-federal-individual-income-tax-rates-history-1913-2013-nominal-and-inflation-adjusted-brackets

Groppo's avatarGroppo

Quote: Originally posted by ecnirP on Jan 11, 2016

Top Federal Tax Rate (Married Filing Jointly - mostly) for the Past 30 Years (and a few other reference points). Just in the past 30 years the top rate has ranged from 28% - 50%.

2015 39.6%
2014 39.6%
2013 39.6%
2012 35.0%
2011 35.0%
2010 35.0%
2009 35.0%
2008 35.0%
2007 35.0%
2006 35.0%
2005 35.0%
2004 35.0%
2003 35.0%
2002 38.6%
2001 39.1%
2000 39.6%
1999 39.6%
1998 39.6%
1997 39.6%
1996 39.6%
1995 39.6%
1994 39.6%
1993 39.6%
1992 31.0%
1991 31.0%
1990 28.0%
1989 28.0%
1988 28.0%
1987 38.5%
1986 50.0%

1981 70.0%

1964 77.0%

1963 91.0%

1953 92.0%

1945 94.0%

Have a look for yourself at http://taxfoundation.org/article/us-federal-individual-income-tax-rates-history-1913-2013-nominal-and-inflation-adjusted-brackets

I have learned more about how taxes work, in this thread, than anywhere before. I mean it has all "clicked" so to speak.

I wish to thank everyone, especially our host Todd, for making it all possible.

For now, should I win, which won't happen, I shall elect the option for Cash!

(then i can go around, once again, with loads of cash in my pockets. But it's ok, as i rarely leave the house.)

larry3100's avatarlarry3100

I see posts about " What if someone were to try to purchase all the different possible combination of numbers to win the Powerball game?, " well that would take days if not forever doing it, for sure. But let's assume the Lottery Headquarters makes an exception to the way it is done now, as I said, and the Lottery Headquarters says " Okay, we'll take the $292 million by cashiers check, to cover all the possible combination of numbers to win the game." well, you would get a lot of people upset about that. Well, on the other hand, you can see, there might be a few others in the game too that could win and the person who put out the $292 million would lose a good chunk of that investment in the game. I believe it's a good idea to do it this way, give a rich guy who has a lot of money, to take that chance. We have a " Win " Win " in the lottery, the game is over in no time, the Lottery Headquarters wins, and the people who play the game wins. Thank God.

docstrange

would take $584 million as tickets are $2 each

docstrange

Just love all the comments

Suzy-Dittlenose

I purchased a bunch of PB tickets today at Safeway after waiting in line for about 35 minutes.  People were buying in excess of $100 in tickets from the machine and they were excited.

Banana

Groppo's avatarGroppo

Quote: Originally posted by Suzy-Dittlenose on Jan 11, 2016

I purchased a bunch of PB tickets today at Safeway after waiting in line for about 35 minutes.  People were buying in excess of $100 in tickets from the machine and they were excited.

Banana

.

Do you live in Beverly Hills, Ca?

Suzy-Dittlenose

Quote: Originally posted by Groppo on Jan 11, 2016

.

Do you live in Beverly Hills, Ca?

Nope.....

nist7seven

Quote: Originally posted by larry3100 on Jan 11, 2016

I see posts about " What if someone were to try to purchase all the different possible combination of numbers to win the Powerball game?, " well that would take days if not forever doing it, for sure. But let's assume the Lottery Headquarters makes an exception to the way it is done now, as I said, and the Lottery Headquarters says " Okay, we'll take the $292 million by cashiers check, to cover all the possible combination of numbers to win the game." well, you would get a lot of people upset about that. Well, on the other hand, you can see, there might be a few others in the game too that could win and the person who put out the $292 million would lose a good chunk of that investment in the game. I believe it's a good idea to do it this way, give a rich guy who has a lot of money, to take that chance. We have a " Win " Win " in the lottery, the game is over in no time, the Lottery Headquarters wins, and the people who play the game wins. Thank God.

No one would actually do this because at the current pot you are still guaranteed to lose money. 

You spend 584 million to buy 292 million combos. 

You take the immediate lump sum....which is 868 million dollars. 

Say you only have to pay fed tax, and you live in a state where they don't tax any income/lotto wins. 

You are left with 524 million dollars in winings. 

 

Congratulations to just spent 584 milion dollars to get back 524 million dollars. It would've been easier to just write a check for $60million dollars to the IRS....lol

 

Oh and by the way this assumes you are the ONLY winner...which obviously other people will play too...so imagine if you had to split it with 1 or 2 or 3 other people......in which case you will lose over 100million+ dollars.

JAMORA's avatarJAMORA

$868 million...that's it....no 1.4 bilion exists , yet....IF you take the annuity, they'll gladly pay you in payments while the interest and taxes fluctuate for 30 years...LOL How do they get away with this lie of 1.4 billion? LOL! $500 million of that number DOESN'T exist!

joshuacloak's avatarjoshuacloak

Quote: Originally posted by JAMORA on Jan 12, 2016

$868 million...that's it....no 1.4 bilion exists , yet....IF you take the annuity, they'll gladly pay you in payments while the interest and taxes fluctuate for 30 years...LOL How do they get away with this lie of 1.4 billion? LOL! $500 million of that number DOESN'T exist!

JAMORA is right in spirit. Anyone thinking about taking the annuity is falling for something we call the money illusion.

The 1.4 billion annuity is misleading as it doesn't exist beyond the cash amount they can pay you right now folks.

You need to stop thinking about “1.4 billion” and start thinking about true earnings power if you invested it by yourself.

All, the lottery does is take nearly the full cash jackpot and invest it into a government bond on your behalf. So the question becomes can they earn more than you in the free market?

The core issue is the federal interest rates are deceptively low. They can't earn jack crap for you at the moment compared to the free market. IF federal interest rates were normal and not low then we would have a true debate on our hands.

However, there is no debate when one option is far above the others. The cash option is kind of like how Donald Trump's polling numbers are so far above everyone else's numbers LOL.

You could earn far more by taking the cash jackpot. Paying the full tax bill of 39.6% on the cash jackpot and investing it all yourself in the free market. To prove my point. I walk you through it. Let us say I am the only winner.

868,000,000 Cash won.

If I was to take the annuity they would give me $21,072,009 of the cash right away to use now and invest the rest of it or "846,927,991" in case they would invest in a government bond to be paid out over the next 29 years of my life.

So am going to take that 846,927,991 part of the cash they would have invested in a government bond for me and do it myself.

First off: 846,927,991 Max fed rate of -39.6% = 511,544,506 (half a billion to invest is just absurd.)

Alright, so am going to invest this amount in the free market. Only the most profitable and safest stock market investments will do. (No high-risk bets allowed here folks.)

So am limiting my investments to say the likes of Coca-Cola - Nestle - Hershey, McDonald's - Exxon Mobil - etc.

Now say I will earn 4% the first year easy in dividends alone. ( 4% is very conservative) That is 20,461,780 million.

Now some of you will see the 2nd annuity payment amount is 22,125,610 and go: Hahahaha the annuity is earning me FAR more than you Mr. cash option guy. I would laugh right back at you annuity people. First off, my tax rate is now different to the annuity option person.

You're sure paying 39.6% for all the payments for next 29 payments (or whatever the rate changes too in that time period) I changed all my future rates over to the current lower rate of 23.8% max on all investment income. Yes, really your dividend income is taxed at a lower rate. Am playing the really long game here.

Annuity 22,125,610 -39.6% = 13,363,868
Cash 20,461,780 -23.8% = 15,591,876

Mr. Cash has over 2 million more to invest the next year.

Now for the really amazing part. For you see while I only got around 15m back from the corporations that year. 15m is not all true earnings from my new ownership.

They didn't send out all the "earnings" per share. The dividend they send out is only a part of the story.

They earned much more money than they sent out to you as a general rule. So they reinvested the profits back into the business on your behalf.

If you never sell and just hold on to really great companies. You will watch your dividend go sky high along with watching the company's total earnings go over the top in the coming decades.

Take a great company like Hershey: (If you love chocolate you love owning this company!)

Let's look back on recent history and see how the dividend paid out to owners grown over the years.

Let's use time jumps of 5 years...
What a single share paid out in total dividends that year:

In 1997: 0.32
In 2002: 0.6302
In 2007: 1.135
In 2012: 1.56

You see my point, right?

Your dividend income will go up a lot if you own best corporations and just hold on to them forever. You can't lose when owning the highest quality companies in the world.

Plus sense you would have never sold your "shares" in the companies. The cash keeps coming forever. There is no end date to the ownership unless you sell your ownership! The cash dividends are forever people! Hell, you could leave the stock to your grandchildren even.

Speaking of which, the numbers get beyond shocking when you own great companies for like 50 year plus range. (Generation wealth.)

Just thinking what I could turn half a billion investment into in 50 years is mind blowing.

It has been fun just doing the math on this jackpot size. I play the lottery for the entertainment value and this billion dollar jackpot is worth price tag of 2 bucks to dream this big.

P.S. When investing your money always remember "Murphy's Law" If there are two or more ways to do something, and one of those ways can result in a catastrophe, then someone will do it.

So don't be that complete and total moron you read about on lottery post news reports who lost everything. Avoid risk at all cost. If you can earn more than 4% the first year, but the road is with "risky" companies DON'T DO IT. The Coca-Cola Company will sure around in 30 years. Hell, Nestle has been at it for over 150 years!

AbsolutelyFun

Quote: Originally posted by frank0sport16 on Jan 11, 2016

Monday Greetings To One & All ....

Perhaps this has been mentioned already -- the annuitized jackpot is currently $ 1.40-billion, and the cash option jackpot is $ 868 million.

Based on those figures, if the annuitized jackpot reaches at least $1.613-billion by the close of ticket sales on Wednesday, then the cash option jackpot would be worth at least one billion $$ -- before the taxman comes calling of course.

TRIVIA -- According to older editions of the Guinness Book of Records, the late billionaire J. Paul Getty once remarked "If you can count (all of) your millions, then you're not a billionaire".

PREDICTION (strictly unscientific) -- there will be 32 Grand Prize winners, and 149 2nd prize winners. Beyond that, I know nothing.

Thanx-A-Lot, Best of Luck and Please Remember to Always Play Responsibly,

Frank-0-Sport 16

I respectfully disagree that there will be 32 Grand Prize winners. My prediction is either it rolls or 1 to 3 Grand Prize winners.

AbsolutelyFun

Dallas Mavericks owner Mark Cuban, who knows what it’s like to suddenly become incredibly wealthy has some tips (some practical and some philosophical) for the winner or winners.

  • Hire a tax attorney first.
  • Don’t take the lump sum. You don’t want to blow it all in one spot.  (I don't agree with him on this one. The opposite of not taking a lump sump is taking the annuity)
  • If you weren’t happy yesterday you won’t be happy tomorrow. It’s money. It’s not happiness.
  • If you were happy yesterday, you are going to be a lot happier tomorrow. It’s money. Life gets easier when you don’t have to worry about the bills.
  • Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs 1m dollars for anything. No one needs 100k for anything. Anyone who asks is not your friend.
  • You don’t become a smart investor when you win the lottery. Don’t make investments. You can put it in the bank and live comfortably. Forever. You will sleep a lot better knowing you won’t lose money.

But don’t take this as a suggestion from Cuban that you should spend a lot of money on lottery tickets. The odds (one in 292.2 million) will continue to be remote no matter how many tickets you buy.

“It’s OK to spend 2 dollars for entertainment value,” he said via email. “If you have 10 dollars go to a Mavs game.”

 

Dunno about the don't invest money comment.  I say invest a portion of it and keep a nice pile for those really rainy days.

savagegoose's avatarsavagegoose

I like that last post.  as to the annuity option. you cn practice ot messing up and if you blow it all you only have to wait a year to try again ad you get 29 more times till you really are broke.  Also like the no one needs $1M

jacintasc

The news anchor just said she tried to buy PB tickets yesterday , but she didn't know it was cash only and she only had credit cards. Wow!

jacintasc

CBS is reporting that Canadians are crossing the border to buy the PB at Niagara Falls

AbsolutelyFun

Quote: Originally posted by jacintasc on Jan 12, 2016

CBS is reporting that Canadians are crossing the border to buy the PB at Niagara Falls

I would like to extend a personal thanks to all those Canadians who are willing to contribute the jackpot so that we Americans can win it.

 

Although there won't be any Canadians winning I can't help to wonder just what their tax situation would be if they could win.

jacintasc

lol! so true!  30% plus all US Taxes

AbsolutelyFun

Quote: Originally posted by jacintasc on Jan 12, 2016

lol! so true!  30% plus all US Taxes

Really? Wow that's brutal.

jacintasc

Quote: Originally posted by AbsolutelyFun on Jan 12, 2016

Really? Wow that's brutal.

Instead of 28% Fed Tax, It goes up to 30 % and then the state taxes (if any)

faber98

who cares? even your own tax situation if you win doesn't matter. no one could keep track of all that money anyway. you'd have to hire a dozen people just to make sure someone isn't siphoning it off and out of those 12 people some of them will steal some of it. life would be hell if you won. you would be besieged by countless individuals and organizations 24 hours a day. when you wake up every day if you can even sleep you will be consumed by having all this money and there is no way to enjoy it. what are you going to do. buy 7 houses and 14 cars, take trips. all that will get boring quick. you say i'll take care of my family. there would be no end to that. if you try to give it away you would be constantly hounded. foolish to invest it as why would you need more money. you only live so long and whoever you invest it with will steal it anyway. think before you play more than 2.00 on this. if you say i'm only playing for 2nd prize then it makes sense. be careful what you wish for.

savagegoose's avatarsavagegoose

think its same as me no state tax as im not  resident but %10 more on top of federal taxes. no local Australian taxes as we dnt ta winnings unless yo re  a professional

bigboy90000

If that was the case I wonder how all these people on the Forbes list don't crack up .

faber98

Quote: Originally posted by bigboy90000 on Jan 12, 2016

If that was the case I wonder how all these people on the Forbes list don't crack up .

because they got their fortunes over time. not all at once like this would do. they say the first million is the hardest to obtain. after that it gets easier if done right. they are far more adept in handling it than the peasants on this site (most of whom realize it's just a pipe dream are merely being entertained by this) deep down hoping they only win 1 or 2 million at most which is the viable approach. 800 million! no one could possibly want all that. with luck there will be a dozen or more winners, but the matrix is so stacked against everyone it'll be 2 or 3.

AbsolutelyFun

Quote: Originally posted by faber98 on Jan 12, 2016

because they got their fortunes over time. not all at once like this would do. they say the first million is the hardest to obtain. after that it gets easier if done right. they are far more adept in handling it than the peasants on this site (most of whom realize it's just a pipe dream are merely being entertained by this) deep down hoping they only win 1 or 2 million at most which is the viable approach. 800 million! no one could possibly want all that. with luck there will be a dozen or more winners, but the matrix is so stacked against everyone it'll be 2 or 3.

faber98 said, "they are far more adept in handling it than the peasants on this site...."

 

Dang that's hilarious!

faber98

Quote: Originally posted by AbsolutelyFun on Jan 12, 2016

faber98 said, "they are far more adept in handling it than the peasants on this site...."

 

Dang that's hilarious!

it is hilarious, but true. people obsessing about tax laws. concerned about which state will take the most away from you. you should hope if you win that they take most of it so you won't have the problem of trying to get rid of it yourself. look, it's fun to dream and plan but so far no one on here has the remotest idea of what to do with 800 million. 5 months in and you would be saying i would have been happier with 10 million. that maybe i could handle.

BBLL's avatarBBLL

Quote: Originally posted by AbsolutelyFun on Jan 12, 2016

Dallas Mavericks owner Mark Cuban, who knows what it’s like to suddenly become incredibly wealthy has some tips (some practical and some philosophical) for the winner or winners.

  • Hire a tax attorney first.
  • Don’t take the lump sum. You don’t want to blow it all in one spot.  (I don't agree with him on this one. The opposite of not taking a lump sump is taking the annuity)
  • If you weren’t happy yesterday you won’t be happy tomorrow. It’s money. It’s not happiness.
  • If you were happy yesterday, you are going to be a lot happier tomorrow. It’s money. Life gets easier when you don’t have to worry about the bills.
  • Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs 1m dollars for anything. No one needs 100k for anything. Anyone who asks is not your friend.
  • You don’t become a smart investor when you win the lottery. Don’t make investments. You can put it in the bank and live comfortably. Forever. You will sleep a lot better knowing you won’t lose money.

But don’t take this as a suggestion from Cuban that you should spend a lot of money on lottery tickets. The odds (one in 292.2 million) will continue to be remote no matter how many tickets you buy.

“It’s OK to spend 2 dollars for entertainment value,” he said via email. “If you have 10 dollars go to a Mavs game.”

 

Dunno about the don't invest money comment.  I say invest a portion of it and keep a nice pile for those really rainy days.

Very helpful, thanks Hurray!

AbsolutelyFun

Quote: Originally posted by faber98 on Jan 12, 2016

it is hilarious, but true. people obsessing about tax laws. concerned about which state will take the most away from you. you should hope if you win that they take most of it so you won't have the problem of trying to get rid of it yourself. look, it's fun to dream and plan but so far no one on here has the remotest idea of what to do with 800 million. 5 months in and you would be saying i would have been happier with 10 million. that maybe i could handle.

$800 million? Nobody will get $800 million unless you're referring to the Annuity.  If you're in a no tax state you gotta give Uncle Sam 39.6%. The current Cash Option is $868M so multiply that by .604 (60.4%) and you get $524,272,000 Million.

So lets' get spending!

Now assuming I want to spend my money like a madman, I would buy that beautiful home in Beverly Hills for $85,000,000 (you can see it on YouTube) I can't even imagine what the property taxes are but it must be insane. The upkeep has to be expensive too. Will need a maid and yard man at a minimum so more expenses.  Also need some seriously good insurance in case my home falls off of that hill it's on.  Still got $442.272M (actually less because of unknown expenses)

Next buy that yacht I always wanted and since I'm rich so I'll get that Italian yacht called the Quinta Essentia at 180 foot long for a measly $41,146,434. Again I'll need a crew to both maintain the yacht and to drive it around wherever I want to go.  Also will need at least one maid/server/hostess who has to be pretty so that my friends really enjoy the cruises we go on. Oh and a first mate like they had on Gilligan's Island so minimum is the Captain, First Mate, Hostess and a maintenance crew. Dunno what that costs but I'm sure it's not cheap.  Oh and of course gotta gas her up with diesel fuel so add on the fuel expense and also the insurance on my boat in case it catches on fire or sinks or something. Now still got $398,125,566 (well actually less because of unknown expenses)

Next gotta fill up that incredible glass garage in my $85M home with some exotic cars.  Buggati Veyron $2.8M, Ferrari's La Ferrari $1.4M Lamborghini Aventador Pirelli Edition $400K, Aston Martin Vanquish Carbon Edition $350K and a Mercedes Pullman Limo $600K

Again, need insurance for these toys and the total is $5.55M now I got $392,620,566 (again actually less gas costs & maintenance)

Since I am rich I will get me one of those nice global private jets, a Bombardier 850 for $32M so again huge insurance and jet fuel and maintenance plus FAA checkups.  Dunno the price on those are but it's gotta be high.  Still got $360,620,566.

I have already spent $163,651,434 (actually more) probably closer to $200,000,000.  So that leaves me with $324,272,000.  Maybe I'd be smart to stop so that I can earn interest on that because the expenses are getting crazy and I still haven't got a wife that wants to divorce me and take half.

Of course there are those smaller expenses that come with having the best of everything.  New cats and dogs. Love those Savannah cats so I'll get two of those,  $40,000 total.  Couple of Goldens at least $6000.  Vet bills: Unknown, Food bill negligible.

I want the best beds money can buy, I like that Majesty VI-Spring Bed for $85K each. One for each for the bedrooms in my new $85M home.

Oh that reminds me, a vacation home in Hawaii. Just a couple of bedroom condo will work for me.  Easily $1.5M ocean view, what else?  Add two more beds at $85K each.

I like that Beovision 4-103 TV by B&O for $135,000.  At least a few for my new home and one for the Hawaii condo. That's over a half million.

Also I will need at least one or more personal assistants that are trustworthy. That could really cost because I need smart people who I can trust to execute my decisions and dependable.

So I'll stop there but when you say that no one here has the remotest  idea of what to do with $800M trust me I can spend it all if i really want to and it certainly would be fun.  Let us not forget that there are a lot of people out there who need a hand up so charity is something that if I had $800 million I'd start a Foundation to help those who are less fortunate/have special needs/our veterans who are struggling/help animals I care about and the list goes on and on and on.  It really is NOT so difficult to spend all that money, trust me as I've thought about what one can do with millions. 

I will say that short of being a madman I'd most enjoy helping others through my foundation much like other very wealthy people do.  It's not all about you once you're THAT wealthy as your needs are being met.  It's like Eddie Murphy said in his comedy act, "making ends meet? the ends are meeting like a bleep bleep" when he was speaking of Johnny Carson being worth $300 million.

BBLL's avatarBBLL

How much will the jackpot be if nobody win on Wednesday?

HoLeeKau's avatarHoLeeKau

I don't have time to figure out where I stopped reading last night, so I hope no one has posted this.  Mark Cuban's advice to the winner.

http://finance.yahoo.com/news/heres-mark-cubans-advice-winner-135430907.html

 

My favorite, and the one that so many (I'm talking about posters on non-lottery forums) fault me for and call me greedy:

 

  • Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.
faber98

Quote: Originally posted by AbsolutelyFun on Jan 12, 2016

$800 million? Nobody will get $800 million unless you're referring to the Annuity.  If you're in a no tax state you gotta give Uncle Sam 39.6%. The current Cash Option is $868M so multiply that by .604 (60.4%) and you get $524,272,000 Million.

So lets' get spending!

Now assuming I want to spend my money like a madman, I would buy that beautiful home in Beverly Hills for $85,000,000 (you can see it on YouTube) I can't even imagine what the property taxes are but it must be insane. The upkeep has to be expensive too. Will need a maid and yard man at a minimum so more expenses.  Also need some seriously good insurance in case my home falls off of that hill it's on.  Still got $442.272M (actually less because of unknown expenses)

Next buy that yacht I always wanted and since I'm rich so I'll get that Italian yacht called the Quinta Essentia at 180 foot long for a measly $41,146,434. Again I'll need a crew to both maintain the yacht and to drive it around wherever I want to go.  Also will need at least one maid/server/hostess who has to be pretty so that my friends really enjoy the cruises we go on. Oh and a first mate like they had on Gilligan's Island so minimum is the Captain, First Mate, Hostess and a maintenance crew. Dunno what that costs but I'm sure it's not cheap.  Oh and of course gotta gas her up with diesel fuel so add on the fuel expense and also the insurance on my boat in case it catches on fire or sinks or something. Now still got $398,125,566 (well actually less because of unknown expenses)

Next gotta fill up that incredible glass garage in my $85M home with some exotic cars.  Buggati Veyron $2.8M, Ferrari's La Ferrari $1.4M Lamborghini Aventador Pirelli Edition $400K, Aston Martin Vanquish Carbon Edition $350K and a Mercedes Pullman Limo $600K

Again, need insurance for these toys and the total is $5.55M now I got $392,620,566 (again actually less gas costs & maintenance)

Since I am rich I will get me one of those nice global private jets, a Bombardier 850 for $32M so again huge insurance and jet fuel and maintenance plus FAA checkups.  Dunno the price on those are but it's gotta be high.  Still got $360,620,566.

I have already spent $163,651,434 (actually more) probably closer to $200,000,000.  So that leaves me with $324,272,000.  Maybe I'd be smart to stop so that I can earn interest on that because the expenses are getting crazy and I still haven't got a wife that wants to divorce me and take half.

Of course there are those smaller expenses that come with having the best of everything.  New cats and dogs. Love those Savannah cats so I'll get two of those,  $40,000 total.  Couple of Goldens at least $6000.  Vet bills: Unknown, Food bill negligible.

I want the best beds money can buy, I like that Majesty VI-Spring Bed for $85K each. One for each for the bedrooms in my new $85M home.

Oh that reminds me, a vacation home in Hawaii. Just a couple of bedroom condo will work for me.  Easily $1.5M ocean view, what else?  Add two more beds at $85K each.

I like that Beovision 4-103 TV by B&O for $135,000.  At least a few for my new home and one for the Hawaii condo. That's over a half million.

Also I will need at least one or more personal assistants that are trustworthy. That could really cost because I need smart people who I can trust to execute my decisions and dependable.

So I'll stop there but when you say that no one here has the remotest  idea of what to do with $800M trust me I can spend it all if i really want to and it certainly would be fun.  Let us not forget that there are a lot of people out there who need a hand up so charity is something that if I had $800 million I'd start a Foundation to help those who are less fortunate/have special needs/our veterans who are struggling/help animals I care about and the list goes on and on and on.  It really is NOT so difficult to spend all that money, trust me as I've thought about what one can do with millions. 

I will say that short of being a madman I'd most enjoy helping others through my foundation much like other very wealthy people do.  It's not all about you once you're THAT wealthy as your needs are being met.  It's like Eddie Murphy said in his comedy act, "making ends meet? the ends are meeting like a bleep bleep" when he was speaking of Johnny Carson being worth $300 million.

thanks for making my point. you couldn't and wouldn't do all that obviously. the energy that you would consume trying to do all that would kill you. no, it's fun to dream and fantasize about it but you probably have trouble just getting your mail out of the mailbox every day. just 1 maid and yardman wouldn't be enough to remotely take care of your beverly hills domicile. so re-evaluate that. if the boat sinks just be sure you're not on it. also, impossible to find personal assistants you can trust. nice fantasy though.

Suzy-Dittlenose

Quote: Originally posted by jacintasc on Jan 12, 2016

The news anchor just said she tried to buy PB tickets yesterday , but she didn't know it was cash only and she only had credit cards. Wow!

Dah.....which way did they go George......

LOL

One-Day

$1.5B already!

Suzy-Dittlenose

Quote: Originally posted by jacintasc on Jan 12, 2016

CBS is reporting that Canadians are crossing the border to buy the PB at Niagara Falls

Quick, someone notify Homeland Security!

HoLeeKau's avatarHoLeeKau

Quote: Originally posted by One-Day on Jan 12, 2016

$1.5B already!

$930 cash value!

faber98

Quote: Originally posted by HoLeeKau on Jan 12, 2016

I don't have time to figure out where I stopped reading last night, so I hope no one has posted this.  Mark Cuban's advice to the winner.

http://finance.yahoo.com/news/heres-mark-cubans-advice-winner-135430907.html

 

My favorite, and the one that so many (I'm talking about posters on non-lottery forums) fault me for and call me greedy:

 

  • Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.

tell your friends and relatives yes. take all you want because i need help getting rid of this albatross that's hanging over my head. if you don't you will be resented or worse. what fun would that be. that advice is sound if you only won a million or so but this is an exception to that rule.

One-Day

Quote: Originally posted by HoLeeKau on Jan 12, 2016

I don't have time to figure out where I stopped reading last night, so I hope no one has posted this.  Mark Cuban's advice to the winner.

http://finance.yahoo.com/news/heres-mark-cubans-advice-winner-135430907.html

 

My favorite, and the one that so many (I'm talking about posters on non-lottery forums) fault me for and call me greedy:

 

  • Tell all your friends and relatives no. They will ask. Tell them no. If you are close to them, you already know who needs help and what they need. Feel free to help SOME, but talk to your accountant before you do anything and remember this, no one needs $1 million for anything. No one needs $100,000 for anything. Anyone who asks is not your friend.

Thanks.  He said:

 

  • Don't take the lump sum. You don't want to blow it all in one spot.

 

Agree.  Annuity all the way.  Too much stress right off the bat too.

Groppo's avatarGroppo

Quote: Originally posted by faber98 on Jan 12, 2016

who cares? even your own tax situation if you win doesn't matter. no one could keep track of all that money anyway. you'd have to hire a dozen people just to make sure someone isn't siphoning it off and out of those 12 people some of them will steal some of it. life would be hell if you won. you would be besieged by countless individuals and organizations 24 hours a day. when you wake up every day if you can even sleep you will be consumed by having all this money and there is no way to enjoy it. what are you going to do. buy 7 houses and 14 cars, take trips. all that will get boring quick. you say i'll take care of my family. there would be no end to that. if you try to give it away you would be constantly hounded. foolish to invest it as why would you need more money. you only live so long and whoever you invest it with will steal it anyway. think before you play more than 2.00 on this. if you say i'm only playing for 2nd prize then it makes sense. be careful what you wish for.

.

Yes sir, I had said earlier, that I am playing for only the million dollar prize!

But then, I saw the long post by the guy who mentioned about the 4%, and then I'm like
"hmmm".    I'm getting ready to reply to their post, because I have a couple of questions about the details they posted.

But, if I could win 1 million (2nd prize) , I'd stop my lotto participation, for good.

 

 

(careful there Grop, I guarantee you if no on hits, we'll see you here by Saturday)

Groppo's avatarGroppo

Quote: Originally posted by joshuacloak on Jan 12, 2016

JAMORA is right in spirit. Anyone thinking about taking the annuity is falling for something we call the money illusion.

The 1.4 billion annuity is misleading as it doesn't exist beyond the cash amount they can pay you right now folks.

You need to stop thinking about “1.4 billion” and start thinking about true earnings power if you invested it by yourself.

All, the lottery does is take nearly the full cash jackpot and invest it into a government bond on your behalf. So the question becomes can they earn more than you in the free market?

The core issue is the federal interest rates are deceptively low. They can't earn jack crap for you at the moment compared to the free market. IF federal interest rates were normal and not low then we would have a true debate on our hands.

However, there is no debate when one option is far above the others. The cash option is kind of like how Donald Trump's polling numbers are so far above everyone else's numbers LOL.

You could earn far more by taking the cash jackpot. Paying the full tax bill of 39.6% on the cash jackpot and investing it all yourself in the free market. To prove my point. I walk you through it. Let us say I am the only winner.

868,000,000 Cash won.

If I was to take the annuity they would give me $21,072,009 of the cash right away to use now and invest the rest of it or "846,927,991" in case they would invest in a government bond to be paid out over the next 29 years of my life.

So am going to take that 846,927,991 part of the cash they would have invested in a government bond for me and do it myself.

First off: 846,927,991 Max fed rate of -39.6% = 511,544,506 (half a billion to invest is just absurd.)

Alright, so am going to invest this amount in the free market. Only the most profitable and safest stock market investments will do. (No high-risk bets allowed here folks.)

So am limiting my investments to say the likes of Coca-Cola - Nestle - Hershey, McDonald's - Exxon Mobil - etc.

Now say I will earn 4% the first year easy in dividends alone. ( 4% is very conservative) That is 20,461,780 million.

Now some of you will see the 2nd annuity payment amount is 22,125,610 and go: Hahahaha the annuity is earning me FAR more than you Mr. cash option guy. I would laugh right back at you annuity people. First off, my tax rate is now different to the annuity option person.

You're sure paying 39.6% for all the payments for next 29 payments (or whatever the rate changes too in that time period) I changed all my future rates over to the current lower rate of 23.8% max on all investment income. Yes, really your dividend income is taxed at a lower rate. Am playing the really long game here.

Annuity 22,125,610 -39.6% = 13,363,868
Cash 20,461,780 -23.8% = 15,591,876

Mr. Cash has over 2 million more to invest the next year.

Now for the really amazing part. For you see while I only got around 15m back from the corporations that year. 15m is not all true earnings from my new ownership.

They didn't send out all the "earnings" per share. The dividend they send out is only a part of the story.

They earned much more money than they sent out to you as a general rule. So they reinvested the profits back into the business on your behalf.

If you never sell and just hold on to really great companies. You will watch your dividend go sky high along with watching the company's total earnings go over the top in the coming decades.

Take a great company like Hershey: (If you love chocolate you love owning this company!)

Let's look back on recent history and see how the dividend paid out to owners grown over the years.

Let's use time jumps of 5 years...
What a single share paid out in total dividends that year:

In 1997: 0.32
In 2002: 0.6302
In 2007: 1.135
In 2012: 1.56

You see my point, right?

Your dividend income will go up a lot if you own best corporations and just hold on to them forever. You can't lose when owning the highest quality companies in the world.

Plus sense you would have never sold your "shares" in the companies. The cash keeps coming forever. There is no end date to the ownership unless you sell your ownership! The cash dividends are forever people! Hell, you could leave the stock to your grandchildren even.

Speaking of which, the numbers get beyond shocking when you own great companies for like 50 year plus range. (Generation wealth.)

Just thinking what I could turn half a billion investment into in 50 years is mind blowing.

It has been fun just doing the math on this jackpot size. I play the lottery for the entertainment value and this billion dollar jackpot is worth price tag of 2 bucks to dream this big.

P.S. When investing your money always remember "Murphy's Law" If there are two or more ways to do something, and one of those ways can result in a catastrophe, then someone will do it.

So don't be that complete and total moron you read about on lottery post news reports who lost everything. Avoid risk at all cost. If you can earn more than 4% the first year, but the road is with "risky" companies DON'T DO IT. The Coca-Cola Company will sure around in 30 years. Hell, Nestle has been at it for over 150 years!

I read you post several times. Even forward, backwards. And, I have a few questions.

  1. Are you positively sure about all of this?
  2. On the part where you talk about the '5 year jumps', are those figures you listed next to the years supposed to be percentages of the dividends paid, in those years?
  3. I'm not sure I understand about 'taxed at a lower rate'.  What is supposed to be taxed at a lower rate and when?

I just want to be properly 'financially armed' if the unthinkable happens.

docstrange

might be  war if a Canadian would win

Smilewe would pay IRS taxes maybe State tax then convert the money to Canadian and laugh all the way to the bank

AbsolutelyFun

Quote: Originally posted by faber98 on Jan 12, 2016

thanks for making my point. you couldn't and wouldn't do all that obviously. the energy that you would consume trying to do all that would kill you. no, it's fun to dream and fantasize about it but you probably have trouble just getting your mail out of the mailbox every day. just 1 maid and yardman wouldn't be enough to remotely take care of your beverly hills domicile. so re-evaluate that. if the boat sinks just be sure you're not on it. also, impossible to find personal assistants you can trust. nice fantasy though.

First of all, thanks for your prompt reply.  I believe that there are many very wealthy people out there who own assets far beyond what I described.  We know this because have you seen the number of used yachts for sale online? Even the used prices are incredible in the tens of millions. The same goes with used private jets. And I agree with you that just the one yardman and maid won't be quite enough which demonstrates that more money can easily be spent as your first statement was that people cannot spend $800 M. My reply was that there is no $800M and gave you the latest Cash Option which netted about $527M so I went with that figure and I managed to off the top of my head burn through $200M and yet I underestimated the expenses attached to those assets that I proposed to purchase.  The lifestyle I proposed is not out of question as there are many wealthy people living at that level and even higher.  As for all those efforts killing me I'd have to disagree with you.  Again, many people are living that lifestyle and they aren't dead.  With regards to finding personal assistants you can trust those also exist because all those wealthy people out there have them and they are still afloat, not dead, not scammed still living la vida loca. So you see it is totally possible to burn through hundreds of millions of dollars and still be alive and well.  No fantasy my friend, there are people living the reality at this very moment. Do you think all those mansions in all those private gated communities are empty? No that's where the truly rich live and they live at a standard most people will never know nor ever see.  Just go online and you can find the most incredible assets for sale at seemingly impossible prices but there are people both buying them and enjoying them on a regular basis.  Think like the people who drive their yachts into Monaco.  Those kinds of people. The ones who are more interested in the quality of life because they don't have to worry about the cost.  They leave that to their personal assistants to both arrange and pay for on their behalf.

faber98

Quote: Originally posted by AbsolutelyFun on Jan 12, 2016

First of all, thanks for your prompt reply.  I believe that there are many very wealthy people out there who own assets far beyond what I described.  We know this because have you seen the number of used yachts for sale online? Even the used prices are incredible in the tens of millions. The same goes with used private jets. And I agree with you that just the one yardman and maid won't be quite enough which demonstrates that more money can easily be spent as your first statement was that people cannot spend $800 M. My reply was that there is no $800M and gave you the latest Cash Option which netted about $527M so I went with that figure and I managed to off the top of my head burn through $200M and yet I underestimated the expenses attached to those assets that I proposed to purchase.  The lifestyle I proposed is not out of question as there are many wealthy people living at that level and even higher.  As for all those efforts killing me I'd have to disagree with you.  Again, many people are living that lifestyle and they aren't dead.  With regards to finding personal assistants you can trust those also exist because all those wealthy people out there have them and they are still afloat, not dead, not scammed still living la vida loca. So you see it is totally possible to burn through hundreds of millions of dollars and still be alive and well.  No fantasy my friend, there are people living the reality at this very moment. Do you think all those mansions in all those private gated communities are empty? No that's where the truly rich live and they live at a standard most people will never know nor ever see.  Just go online and you can find the most incredible assets for sale at seemingly impossible prices but there are people both buying them and enjoying them on a regular basis.  Think like the people who drive their yachts into Monaco.  Those kinds of people. The ones who are more interested in the quality of life because they don't have to worry about the cost.  They leave that to their personal assistants to both arrange and pay for on their behalf.

those people would thumb up their nose at you trying in infiltrate their inner circles. those people built up their wealth gradually. you can't hit a lottery and just jump into that societal lifestyle. sure, you could buy a yacht. but you wouldn't use it more than once more than likely. it would be something completely foreign to you. and do you drive a yacht or is it steered or piloted. you could move to a gated community, sure. but the haves that already live there would ignore a johnny come lately lottery winner with no pedigree such as you would be. is your plan to dump all the less affluent people that you now know and try to hob nob with the rich. it just wouldn't work. you would end up going back to your old life and find out they really wouldn't be that enamored with you either. you might as well buy an island as you will feel a sense of isolation after winning this. good thing for you that it will not happen.

joshuacloak's avatarjoshuacloak

Quote: Originally posted by Groppo on Jan 12, 2016

I read you post several times. Even forward, backwards. And, I have a few questions.

  1. Are you positively sure about all of this?
  2. On the part where you talk about the '5 year jumps', are those figures you listed next to the years supposed to be percentages of the dividends paid, in those years?
  3. I'm not sure I understand about 'taxed at a lower rate'.  What is supposed to be taxed at a lower rate and when?

I just want to be properly 'financially armed' if the unthinkable happens.

Groppo, on #1 I'm very sure about long term returns.

As for #2 about the 5 year jumps. The idea was I was trying to show you the longer you hold a great company. The more money they will make and send out to you the shareholder/part owner.

For each single share you had ownership of at start of 1997 you was paid 32 cents in total in 1997.
So...
In 1997: $0.32 or 32 cents.
In 2002: $0.6302 or 63 cents
In 2007: $1.135 or 1 dollar and 13 cents
In 2012: $1.56 or 1 dollar and 56 cents per share.

The point is, your income will grow as the companies grow in profits.

Another way of putting it is in 2014 the dividend was $2.14 or 2 dollars and 14 cents.

That's a 669% hike in the dividend paid out to you the shareholder over 18 years. As the profits grow at the company level, it all get's passed on down to you the owners (the shareholders).

#3 Max federal tax rate is 39.6% of normal income. However, dividend income is not the same as normal income.

23.8% are the max rate for that class of income.
Its combo of 20% dividend tax, plus a 3.8% Medicare surtax on net investment income from Obama health care bill.

This Wells Fargo link goes into tax details for investors.
http://tinyurl.com/gthuzxn

P.S I also sent you PM with some more links. Much more experienced people talk about investing far beyond my ability.

ecnirP's avatarecnirP

Looking at the amount of money coming in with this jackpot, I can honestly say I have zero interest in investing it wisely to earn a good return. I'll be spending my energy on finding fun ways to spend it, knowing darn good and well that I'm really not going to be able to do so.

I've often thought about how to handle all those people who would inevitably come to you to invest in their great idea or business opportunity. I will start the conversation with "you need to ask me the right question before we proceed."

The right question is "do you want to make more money?" My answer would be "no." Kind of puts a damper on the sales pitch.

In putting the money away, I might even opt for interest-free checking accounts. Lowers the headache of having to account for all that interest income come tax time each year!

sirbrad's avatarsirbrad

Quote: Originally posted by Romancandle on Jan 10, 2016

Yeah, but the other side of the coin... few are going to buy a MM ticket for awhile @ 15M

And once this JP is won... lotto fever (increased sales) isn't going to happen until the JP nears 1 Billion again.  Remember when folks got excited when a JP hit 200 or 300 Million?

So they better be making billion $ jackpots regularly or players will see (again) another matrix change Puke

People will still play otherwise the jackpots would never get up that high. It might just take longer. But most of those types are idiots, I will gladly take $15 million and up even less. I would prefer a lot more to be REALLY secure but I still play when it is "low". LOL

sirbrad's avatarsirbrad

Quote: Originally posted by SoleWinner21 on Jan 10, 2016

False advertising.. Not really a billion dollar jackpot when you're ending up with less after you win.

It is not false advertising if you know how it works and ready the fine print. Many don't though. That amount is if you take the annuity. But if people do not look into it more carefully it is their own fault. Nonetheless I highly doubt they would be complaining after the taxes are taken out. If they do they are REALLY greedy and have issues. They would still have more money than anyone has ever won and a lot more money than most. You should know the rules before you play.

sirbrad's avatarsirbrad

Quote: Originally posted by Romancandle on Jan 10, 2016

Quick picks are randomly generated at the terminal I believe.

I've always wondered if duplicate QP tickets can be generated... ie in the case of multiple winners, always thought multiple winners resulted from self picks

A terminal sold 7 QP's all the same. Seems like some type of error or rigging. Pretty odd won't let me post the link or photo which is stupid. Look up

Texan Buys Seven (7) Quick Picks ...

Receives 7 Identical Tickets ...

sirbrad's avatarsirbrad

Quote: Originally posted by LottoLucy on Jan 10, 2016

For anyone thinking of taking the annuity I highly recommend the book:

Money for Nothing: One Man's Journey through the Dark Side of Lottery Millions By Edward Ugel

For about 10 years he worked for one of those companies that bought annuities from lottery winners.  The book has some funny moments but it overall made me sick and sad to see how these people were hounded.  The reason I recommend it, though, is so people can get a sense of what the people who have annuities face and why they decided to sell their annuities.  I don't think that there is one right solution for everyone but in making such an important decision I always find it helpful to hear/read about the experiences of those that have been there, done that.

My one big take away from the book...annuity, cash it doesn't matter.  Learn how to say NO to even those you love dearly.

Those are minority circumstances tough and MUCH lower annuities. One would have to be REALLY stupid to burn through that much money. For me I would be set for life after the first check, the rest would be all gravy. I have been self-employed for 25 years and used to work a bank so my only team will be ME as there is an M and E in team. LOL This annuity is astronomical and one payment alone is higher than the MM starting jackpot. You will getting WAY more than anyone else ever did with this annuity and more than most have gotten in cash payments when the jackpot was lower. I would never spend a fraction of it and would always love the fact that I got an average of $38 million a year coming for 29 more years. Tough to even wrap your head around that. I would keep doing all that I am not but on a higher scale, and a lot more vacation and fun time. I would be spending a lot of time on the golf course and probably buying it or building my own. I also would have to worry about where to put that huge cash option and risky investments. I could still make a ton of money on interest if I wanted but would not be necessary unless I decided I wanted to get my net worth up in the several billions or more range. But at this point it would not make much difference lifestyle wise. I will be set for life after year one.

AbsolutelyFun

Quote: Originally posted by faber98 on Jan 12, 2016

those people would thumb up their nose at you trying in infiltrate their inner circles. those people built up their wealth gradually. you can't hit a lottery and just jump into that societal lifestyle. sure, you could buy a yacht. but you wouldn't use it more than once more than likely. it would be something completely foreign to you. and do you drive a yacht or is it steered or piloted. you could move to a gated community, sure. but the haves that already live there would ignore a johnny come lately lottery winner with no pedigree such as you would be. is your plan to dump all the less affluent people that you now know and try to hob nob with the rich. it just wouldn't work. you would end up going back to your old life and find out they really wouldn't be that enamored with you either. you might as well buy an island as you will feel a sense of isolation after winning this. good thing for you that it will not happen.

Again, thanks for your reply.  I would like to quote what you said in your initial post, ".....look, it's fun to dream and plan but so far no one on here has the remotest idea of what to do with 800 million. 5 months in and you would be saying i would have been happier with 10 million. that maybe i could handle"

At first I thought that we were discussing whether anyone here (your words were "...no one here has the remotest...") had the remotest idea of what to do with $800M. 

I've stated my reply to that and now you come back with what is #1. not a reply that has anything to do with your initial point and #2. is now becoming a personal attack.

So let's just end this here especially since you stated "good thing for you that it will not happen." then that being the case all of what you wrote in your reply above is moot AND not relevant to the initial discussion. Think about it........(why do I get the feeling this isn't the end, LOL)

sirbrad's avatarsirbrad

Quote: Originally posted by scarchelli on Jan 11, 2016

Can someone clear something up about taxes?  If you take the lump sum, they take out 25% then give you the check no?  What about the 39.6%? Do you owe that next year?

If you take the annuity, if the fed interest skyrockets, do they up your checks to make up for the difference?

Also, in the unlikely event the lottery (pb for example) goes bankrupt in 5 years, and you won this year and opted for the annuity, what happens to your future checks?

Lastly, if more than one winner wins and one opts for annuity while the other chooses lump sum, what figure do they split?

Funny how so many only focus on the potentially negative and taxes, even though the chances of of things happening is minuscule. Not to mention you should already have more money than you will ever need after  a year and on anyway unless you are a complete idiot.  Chances are you will get every payment as it is shown with a 5% increase every year. I don't give a crap about the taxes, I am thinking about how much money I will have after them regardless of what method I take. The PB is not going to go bankrupt, look how much money it makes and how long it has been going on. So this kind of obsessive negative thinking is totally necessary. People are more worried about the taxes than the HUGE principle left. The amount is just so high that it is warping people's minds. But most likely everything will be fine, REALLY fine.

sirbrad's avatarsirbrad

Quote: Originally posted by ecnirP on Jan 11, 2016

There are three episodes listed for Saturday morning. Love that show. I particularly like the story of the youngest jackpot winner in Florida's history. After the deposit was made to his account, he said he spent the whole afternoon calling the bank's automated system, listening to his balance, hanging up, repeating. I could see myself doing that.

By the way, with ~6,900 banks in the U.S., and assuming we go back to $100,000 FDIC insurance, we're getting really close to not having enough banks to put the cash payout in. Something to think about.

I would do that also lol. "You have one billion dollars." In a choppy computer voice. LOL Nice I will be watching those shows again! I would put it all in my bank so I cold watch it easier or get a CDAR to be insured up to $50 million. But I am not worried about my bank as they have been around a long time and have a high rating and about a billion net worth already. I would just double it. LOL But if I took the annuity I would a check coming every year and would be set after the first year anyway. So with that much money I don't need to invest. Also less taxes if I don't. But I would make those deicsions later.

sirbrad's avatarsirbrad

Quote: Originally posted by ecnirP on Jan 11, 2016

I wonder how sales of the $15M Mega Millions lottery are doing this week.

Mega who??  ROFL

sirbrad's avatarsirbrad

Actually I was hoping to win the big MM the other night so I would be completely anonymous but someone else got it.  LOL I play MM more than Powerball because of the $1.00 price and better odds. But when it is so high, or historically high like now I play PB just for the fun of it.

sirbrad's avatarsirbrad

Quote: Originally posted by AbsolutelyFun on Jan 12, 2016

$800 million? Nobody will get $800 million unless you're referring to the Annuity.  If you're in a no tax state you gotta give Uncle Sam 39.6%. The current Cash Option is $868M so multiply that by .604 (60.4%) and you get $524,272,000 Million.

So lets' get spending!

Now assuming I want to spend my money like a madman, I would buy that beautiful home in Beverly Hills for $85,000,000 (you can see it on YouTube) I can't even imagine what the property taxes are but it must be insane. The upkeep has to be expensive too. Will need a maid and yard man at a minimum so more expenses.  Also need some seriously good insurance in case my home falls off of that hill it's on.  Still got $442.272M (actually less because of unknown expenses)

Next buy that yacht I always wanted and since I'm rich so I'll get that Italian yacht called the Quinta Essentia at 180 foot long for a measly $41,146,434. Again I'll need a crew to both maintain the yacht and to drive it around wherever I want to go.  Also will need at least one maid/server/hostess who has to be pretty so that my friends really enjoy the cruises we go on. Oh and a first mate like they had on Gilligan's Island so minimum is the Captain, First Mate, Hostess and a maintenance crew. Dunno what that costs but I'm sure it's not cheap.  Oh and of course gotta gas her up with diesel fuel so add on the fuel expense and also the insurance on my boat in case it catches on fire or sinks or something. Now still got $398,125,566 (well actually less because of unknown expenses)

Next gotta fill up that incredible glass garage in my $85M home with some exotic cars.  Buggati Veyron $2.8M, Ferrari's La Ferrari $1.4M Lamborghini Aventador Pirelli Edition $400K, Aston Martin Vanquish Carbon Edition $350K and a Mercedes Pullman Limo $600K

Again, need insurance for these toys and the total is $5.55M now I got $392,620,566 (again actually less gas costs & maintenance)

Since I am rich I will get me one of those nice global private jets, a Bombardier 850 for $32M so again huge insurance and jet fuel and maintenance plus FAA checkups.  Dunno the price on those are but it's gotta be high.  Still got $360,620,566.

I have already spent $163,651,434 (actually more) probably closer to $200,000,000.  So that leaves me with $324,272,000.  Maybe I'd be smart to stop so that I can earn interest on that because the expenses are getting crazy and I still haven't got a wife that wants to divorce me and take half.

Of course there are those smaller expenses that come with having the best of everything.  New cats and dogs. Love those Savannah cats so I'll get two of those,  $40,000 total.  Couple of Goldens at least $6000.  Vet bills: Unknown, Food bill negligible.

I want the best beds money can buy, I like that Majesty VI-Spring Bed for $85K each. One for each for the bedrooms in my new $85M home.

Oh that reminds me, a vacation home in Hawaii. Just a couple of bedroom condo will work for me.  Easily $1.5M ocean view, what else?  Add two more beds at $85K each.

I like that Beovision 4-103 TV by B&O for $135,000.  At least a few for my new home and one for the Hawaii condo. That's over a half million.

Also I will need at least one or more personal assistants that are trustworthy. That could really cost because I need smart people who I can trust to execute my decisions and dependable.

So I'll stop there but when you say that no one here has the remotest  idea of what to do with $800M trust me I can spend it all if i really want to and it certainly would be fun.  Let us not forget that there are a lot of people out there who need a hand up so charity is something that if I had $800 million I'd start a Foundation to help those who are less fortunate/have special needs/our veterans who are struggling/help animals I care about and the list goes on and on and on.  It really is NOT so difficult to spend all that money, trust me as I've thought about what one can do with millions. 

I will say that short of being a madman I'd most enjoy helping others through my foundation much like other very wealthy people do.  It's not all about you once you're THAT wealthy as your needs are being met.  It's like Eddie Murphy said in his comedy act, "making ends meet? the ends are meeting like a bleep bleep" when he was speaking of Johnny Carson being worth $300 million.

Or the $195,000,000 one which they say they can't imagine anyone affording except Donald Trump. Well they could now! LOL  Personally I would never get a house THAT big or THAT expensive. I would be happy with the ones in my area living on the golf course for $500,000-$1,000,000 tops. Some are huge too compared to what I am used to.  I would just have a lot of expensive toys inside. Yes Nod I would never want to try and maintain that big of a property. Most of it I would probably only see a few times a year and never use at least 20 of the bathrooms. LOL

 

sirbrad's avatarsirbrad

AbsolutelyFun

Quote: Originally posted by sirbrad on Jan 13, 2016

Or the $195,000,000 one which they say they can't imagine anyone affording except Donald Trump. Well they could now! LOL  Personally I would never get a house THAT big or THAT expensive. I would be happy with the ones in my area living on the golf course for $500,000-$1,000,000 tops. Some are huge too compared to what I am used to.  I would just have a lot of expensive toys inside. Yes Nod I would never want to try and maintain that big of a property. Most of it I would probably only see a few times a year and never use at least 20 of the bathrooms. LOL

 

Yeah that home in your video is pretty much over the top unless you frequently have guests over and like to throw parties and/or you have a monster sized family who could use the space.  Living in a home like that with say a typical American family would be overkill otherwise not to mention the maintenance like you mentioned.  The other consideration is that assuming you walk away after paying all your taxes due from your JP and you only have $500 Million then $195 is spending way more than you should. 

AbsolutelyFun

Quote: Originally posted by sirbrad on Jan 13, 2016

Mega who??  ROFL

MegaPowerball that's who!

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